The Central Government has accorded approval to 14 foreign direct investment (FDI) proposals envisaging a total capital inflow worth Rs.113.35 crore. Of these, three clearances pertain to the pharmaceutical sector and account for a major chunk of Rs.81.05 crore as FDI.
According to a Finance Ministry statement here on Monday, among the proposals approved on the basis of recommendations of the Foreign Investment Promotion Board (FIPB) headed by Department of Economic Affairs (DEA) Secretary Arvind Mayaram was that of U.K.-based Dashtag which has been allowed to hike its foreign equity valued at Rs.68.22 crore. The nod is for carrying out the business of pharmaceuticals specialising in dermatology, anti-histamines, antibiotics and oncology products.
Prime Surgical Centers Private Ltd. has also received the go-ahead to set up a limited liability partnership (LLP) to carry out the business of setting up and managing short stay surgery centres in India. With its flagship centre in Pune, the company proposes to bring in FDI worth Rs.14 crore in the medical venture.
Mumbai-based Neo Capricorn Plaza Ltd. was also given post-facto approval for issue of partly paid-up shares to carry out the business of construction of five-star hotels while Pipavav Defence and Offshore Engineering Company Ltd. has been permitted to increase foreign equity by way of issuance of foreign currency convertible bonds (FCCBs) to carry out the business of shipbuilding, ship repairs and offshore assets production.
Decisions on nine proposals were deferred owing to a variety of reasons. These include applications of Multi Commodity Exchange of India, Multi Screen Media Pvt. Ltd. and Deutsche Investments India Pvt. Limited. Alongside, seven proposals pertaining to companies such as British Marine India, Atlas Equifin Ltd., Filtrex Technologies and IPsoft Netherland were rejected.