The government has approved 16 foreign direct investment (FDI) proposals amounting to ₹4,722 crore, including those by HDFC Capital Advisors, Aegon Religare Life Insurance and Sun Pharma Research.

Six proposals, including those of Reliance Globalcom and Sharekhan were deferred, while eight others were rejected, according to an official release.

The proposals that were rejected included those by Apollo Hospitals and DW Animation, Ireland, and the yet to be incorporated Cipla Health.

“The decisions are based on the recommendations of the Foreign Investment Promotion Board in its meeting held on September 29, 2015,” the Finance Ministry release said.

The largest FDI proposal approved, worth ₹2,400 crore, was from HDFC Capital Advisors for issue of units to Green Light.

“HDFC Fund proposes to make investments in equity, equity linked instruments, redeemable preference shares, non-convertible debentures and other debt securities of listed or unlisted investee companies engaged in real estate construction development projects which are permitted under the SEBI AIF Regulations as a category II AIF,” the release said.

Aegon Religare Life Insurance Company’s FDI proposal worth ₹559.96 crore for transfer of shares of the company held by Bennett, Coleman & Company to Aegon India Holding was also given the go-ahead. This would raise the foreign shareholding in the company from 26 per cent to 49 per cent.

Pharma firms dominate Of the 16 FDI proposals approved, five were from the pharma sector.

They included proposals by companies such as Sun Pharma Research, Schulke India, Synergia Life Sciences, Indian Herbs Specialities and Strides Arcolab.

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