Originally published January 11th 2013
The Finance Ministry announced that Indian government on Friday
agreed 14 foreign direct investment (FDI) proposals value of around
Rs 1,310.60 crore, as well as that of Hindustan Port Ltd, based on
the proposals of the Foreign Investment Promotion Board
(FIPB).
The proposal of Hindustan Port Ltd. to carry in Rs 440 crore for
venture in downstream companies was amongst those cleared by FIPB.
The FIPB, directed by Economic Affairs Secretary Arvind Mayaram,
has also permitted pharma firm Aanhaneya Lifecare to elevate funds
worth Rs 405 crore by releasing foreign currency exchangeable
bonds.
In addition, the board has allowed Syngene International to
introduce foreign equity of Rs 125 crore. US-based Gavis Pharma LLC
can also endow Rs 73.75 crore in an Indian company occupied in the
business of production of injectable products. Other major schemes
which were agreed by the FIPB include Excedo Reality Fund-I to
allow NRI investment worth Rs 210 crore, and that of pharma company
Saurav Chemicals Ltd to release fresh equity shares valued Rs.14.85
crore to overseas company. Other proposals approved contain that of
Ordain HealthCare Global for attainment of manufacturing service
for its group pharma company and that of Arshiya International to
release warrants.
FIPB has delayed six and abandoned three proposals, which include
Mahindra & Mahindra Ltd to offer service prop up for radar
systems and defence electronic systems. The abandoned proposal
includes Mumbai-based Fullife Healthcare for initiation of foreign
equity.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
