The Government today said that it has approved 12 FDI proposals, including that of pharma firm Claris Otsuka, totalling over Rs 2,609 crore.
The Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Arvind Mayaram, also cleared Decathlon Sports India’s proposal for induction of foreign equity worth Rs 700 crore to engage in single brand retail.
“Based on the recommendations of FIPB in its meeting held on February 13, the Government has approved 12 foreign direct investment proposals amounting to Rs 2,609.27 crore approximately,” the Finance Ministry said in a statement.
The biggest proposal that was cleared was Ahmedabad-based Claris Otsuka Ltd’s plan to hive off its infusions business into a new joint venture with FDI worth Rs 1,050 crore.
The board also cleared Mumbai-based Glynwed Pipe Systems’s proposal to receive foreign direct investment worth Rs 800 crore for making downstream investment.
It also cleared the proposal of Pramod S.A.S, France to induct foreign equity worth Rs 29.69 crore into an Indian joint venture company, to be engaged in single brand retail trading.
FIPB clearance was also accorded to Fossil India and Le Creuset Trading’s for setting up of single brand retail stores as a wholly owned subsidiary of a foreign company.
The other proposals cleared by the board include those of Menarini Raunaq Pharma, Al Shukur Company for Engineering & Construction and Netherlands-based Aon Holdings.
The board, however, deferred nine proposals and rejected one. The proposals, which were deferred, include that of Alliance Insurance Brokers to induct foreign equity to carry out the business of insurance broking.
Mumbai-based Erica Healthcare’s proposal to increase foreign equity was rejected by FIPB.