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.
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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.
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During its meeting, the FIPB deferred six proposals and rejected three others.