Cabinet clears FDI in Hero group, Reckitt Benckiser

March 29, 2011 10:08 pm | Updated 10:08 pm IST - NEW DELHI:

The Cabinet Committee on Economic Affairs on Tuesday cleared two major foreign direct investment (FDI) proposals — a Rs.4,500-crore offer of Hero Investments Pvt. Ltd. (HIPL), a part of the Hero Group, and Reckitt Benckiser's plan to invest about Rs.3,300 crore to acquire Paras Pharmaceuticals.

In December 2010, the promoters of HIPL had agreed to buyout the entire 26 per cent stake of Japan's Honda in Hero Honda for Rs.3,841.83 crore.

The CCEA also approved the proposal of Reckitt Benckiser of the U.K. to set up a new wholly-owned subsidiary investing company with a foreign equity of 100 per cent, subscribed by Ms. Reckitt Benckiser (Singapore) Pte. Ltd, and R&C Nominees, to make downstream investment in Paras Pharmaceuticals by way of acquisition of 100 per cent equity, according to an official statement.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.