The Government has approved 14 proposals for Foreign Direct Investment (FDI) worth Rs 1,528.38 crore that include those from Johnson & Johnson, Acme Solar and Golden Agriculture Resources.
Six proposals including Agilent Technologies (International) Pvt Ltd and Gstaad Hotels Pvt Ltd were rejected, while seven were deferred, according to an official release.
The decisions were taken based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting on July 4.
Approval was given to Laurus Labs Pvt Ltd, a brown-field pharma company, to bring in additional FDI worth Rs 600 crore.
Golden Agri Resources (India) Pvt Ltd was granted approval for downstream investment of Rs 485.9 crore through subscription to FDI compliant instruments.
A Menarini India Pvt Ltd also got the nod for issuing equity shares to M/s A. Menarini Asia-Pacific Pte Ltd, Singapore, against infusion of Rs 91 crore.
Johnson and Johnson Ltd’s proposal to amalgamate with DePuy Medical Pvt Ltd and subsequently allot 326,752 fully paid-up equity shares of Rs 100 each to the shareholders of DMPL was also approved.
Permission was also given to Global Pharmatech Bangalore to issue and allot 19,68,750 equity shares of Rs 96 each to Pharma Science towards FDI worth Rs 18.90 crore.
Other proposals that got approved were those by Kindex Healthcare, Jaipur; Par Formulations, Open Source Software Solutions, Hyderabad, FG International LLP, Ahmedabad, Leibherr CMC Tec India, Maharashtra, Samtel Thales Avionics Ltd, Security and Intelligence Services (India) Ltd and Sinclairs Hotels Ltd, Kolkata.
Proposals that were rejected by the Government included those by Bangladeshi nationals Shajahan Bablu and Suraiya Shajahan, who wanted to incorporate a company in India with 100 per cent FDI to engage in trading of raw jute, jute products and agro-based products.
Another proposal by a French national Christine Comarmond Margotin for foreign investment in an LLP to be incorporated in India was also rejected.
Proposals that were deferred include ones made by Koye Pharmaceuticals Pvt Ltd, Mumbai, Amneal Pharmaceuticals Company Pvt Ltd, Ahmedabad, Empays Payment Systems India Pvt Ltd, Mumbai, Barefoot Resorts & Leisure India Pvt Ltd, Chennai, Monsanto Holdings Pvt Ltd, Mumbai, Diabu Diamond Tools (India) Pvt Ltd, Bangalore, and Bellota Agrisolutions and Tools Pvt Ltd.