The government has approved 10 proposals for Foreign Direct Investment (FDI) worth ₹1,675.15 crore based on the recommendations of the Foreign Investment Promotion Board’s (FIPB) meeting last month.
These include proposals from Nickelodeon Asia Holdings Pte Ltd, Singapore, to acquire 50 per cent equity interest in Prism TV Private Ltd, worth ₹940.50 crore and NTT Communications India Pvt Ltd’s proposal for downstream investment of ₹600 crore in an Indian company yet to be incorporated for telecom services.
Other proposals given the nod include ones from Shantha Biotech, Sparsha Pharma, Sudeep Pharma, Goldshield Real Estate, Eros International Media and Sprint Telecom, India.
The FIPB will next meet on July 31 and is scheduled to take up 41 FDI proposals.
These include ones from Cadila Healthcare, Apollo Hospitals and Aegon Religare Life Insurance. Of the 41 proposals, nine are from the pharmaceutical sector. Akumentis Healthcare, Cairnhill, Windlas Biotech, Kinedex Healthcare, New India Biopharma, Indian Herbs Speciality and Elanco are among the pharmaceutical and bio-tech companies whose proposals would be examined.
Other proposals on the agenda include ones from Capricorn Ventures, Almondz Insurance Brokers, IIFL Holdings, Encore Reconstruction, BTI Payments, Bloomberg Data Services, Tata Global Beverages Ltd and News Laundry Media.
The FIPB takes up FDI proposals for consideration where the approval route is not automatic.
It is headed by the Finance Secretary and has representation from other ministries and departments concerned including Department of Industrial Planning and Promotion, Commerce, Home Affairs and Financial Services.