Cadila among five FDI proposals worth ₹6,050 crore cleared

The Centre has approved five Foreign Direct Investment (FDI) proposals worth ₹6,050 crore, including the ones from pharmaceutical companies Cadila Healthcare and Recipharm Participation.

The approvals are based on the recommendations of Foreign Investment Promotion Board (FIPB) at its meeting last month.

Cadila Healthcare will infuse equity of up to ₹5,000 crore through issue of shares to QIBs through Qualified Institutional Placement for expansion.

Recipharm Participation got approval for incorporating a wholly-owned-subsidiary in India, which will be engaged in the business of investing in other companies. The proposal was worth ₹1,050 crore.

A proposal by Health Media Publishing to transfer its 99.90 per cent shares, currently held by an NRI, to Wellness Technology and Media Private Ltd UK, was also approved.Other proposals th at got the nod were from Sai Life Sciences Ltd. and Buimerc Core Investments Pvt Ltd.

Six proposals were deferred, which include the ones from HSBC Securities and Capital Markets (India) Pvt. Ltd., Raheja QBE General Insurance Company Ltd and Equitas Holdings Pvt Ltd.

The government rejected two proposals - Nigeria’s Mokeme Chiwetal Izuchukwu and Lanarth Developers Pvt Ltd.


HBL