The government, on Tuesday, approved 17 foreign direct investment (FDI) proposals based on the recommendations of the Foreign Investment Promotion Board (FIPB). Of these, however, only two proposals are of any significance and account for the lion’s share of the total envisaged inflow worth about Rs.262.56 crore.
According to an official statement here, Mumbai-based Sanofi-Synthelabo (India) Limited, an existing pharma company, has been permitted to acquire another pharma company through internal accruals.
The transaction entails a foreign exchange inflow worth Rs.180 crore.
The other major proposal pertains to the telecom sector in which Augere Wireless Broadband (I) Pvt. Ltd. has received the government’s nod to capitalise the balance amount of the spectrum fee earlier paid to the Department of Telecommunications (DoT).
The proposal entails a capital inflow worth Rs.70.66 crore which has already been brought into the country.
The rest of the approvals appear insignificant from the FDI point of view as they envisage either nil or negligible capital inflow.
Keywords: FDI proposals