16 FDI proposals worth Rs. 6,750 crore cleared.

The government recently cleared 16 foreign investment proposals, including those of Torrent Pharmaceuticals and Star India Private Limited, amounting to Rs. 6,750.86 crore.

The proposals have been cleared based on the recommendations of Foreign Investment Promotion Board (FIPB). The Finance Ministry said the proposals were cleared during the FIPB meeting held on May 28, it added. However, a total of 21 proposals were deferred during the meeting and six others were rejected.

The government has approved Torrent Pharmaceuticals’ proposal for increasing FII investment from 13.09% to 35%.

Syngene International has been allowed to raise foreign investment to 44% from 10% by initial public offering of equity shares to FIIs, FPIs and NRIs.

Broadcaster Star India Private Limited has been given approval for further issuance and transfer of shares to its foreign collaborator and acquisition of another Indian company.

Meanwhile, FDI proposal for increasing the aggregate foreign investment in Kotak Bank to 55% has been deferred.

Others in deferred list include Reliance Globalcom Ltd., Bermuda, Celon Laboratories for downstream investment in another brown field pharma company, INX Music Private Limited, Eros International Media, NTT Communications India, Hathway Cable and Datacom and DEN Networks.


THE TRIBUNE