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The government has approved 23 proposals for foreign direct investment (FDI) worth ₹10,378.92 crore.
This includes 12 from pharmaceutical majors such as Glaxo, Novartis, Mylan and Natco.
The approvals were given based on recommendations by the Foreign Investment Promotion Board (FIPB) in its meeting on July 13.
Thirteen proposals, including ones from Sistema Shyam Teleservices and Reliance Globalcom, Bermuda, have been deferred while six proposals have been rejected.
CCEA nod neededUS-based Mylan’s FDI proposal worth ₹4,960 crore will require clearance from the Cabinet Committee on Economic Affairs (CCEA) as well as all FDI proposals over ₹3,000 crore have to go through that route. Four FDI proposals from GlaxoSmithkline, Asia, worth about ₹294 crore were approved, while two FDI proposals worth over ₹1,000 crore made by Natco Pharma also got the go-ahead.
Banking proposalsOther significant FDI proposals approved include two in the banking sector from Bandhan Financial Services worth ₹1,049 crore and one from the Catholic Syrian bank worth ₹1,200 crore.
Proposal by telecom company DEN Networks to increase foreign investment from 49 per cent to 74 per cent by pumping in ₹876.31 crore was also approved.
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