The Central Government, on Friday, approved 14 foreign direct investment (FDI) proposals envisaging a total forex capital inflow of nearly Rs.1,311 crore.
“Based on the recommendations of FIPB [Foreign Investment Promotion Board] in its meeting held on December 21, the government has approved 14 proposals of foreign direct investment amounting to Rs.1,310.60 crore approximately,” an official statement said here.
A major proposal pertained to Mumbai-based Hindustan Port Ltd. which sought to induct foreign capital worth Rs.440 crore for investment in downstream companies.
Pharmaceutical firm Aanhaneya Lifecare also received the government’s nod to raise funds worth Rs.405 crore through the issue of foreign currency convertible bonds.
While U.S.-based Gavis Pharma LLC has been given permission to invest Rs.73.75 crore in an Indian company engaged in manufacturing injectable products, Punjab-based pharma company Saurav Chemicals Ltd has received consent to issue fresh equity shares valued at Rs.14.85 crore to a foreign company.
Bangalore-based Syngene International has been allowed to induct foreign equity of Rs.125 crore. Excedo Reality Fund-I has also been permitted to accept NRI investment worth Rs.210 crore.
During its meeting, the FIPB deferred six proposals and rejected three others.