Published On:October 25 2014
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Government clears 20 FDI proposals worth Rs. 988 crore.
The Finance Ministry has cleared 20 FDI proposals including 6 in the pharma sector envisaging a total inflow of Rs. 988.3 crore.
The proposals of Fresenius Kabi Oncology for Rs. 119 crore and Amneal Pharmaceuticals Company's for up to Rs. 205 crore have been approved by the Foreign Investment Promotion Board (FIPB), a multi-department panel headed by Finance Secretary.
Indusind Bank's proposal seeking increase in foreign investment in the bank to 74 per cent has also been cleared. The amount of fund flow would depend on when the actual transaction takes place in case of the bank.
The bank, according to a release today, sought 'a specific request to grant post-facto approval for increase in foreign holding from 68.51 per cent to 72.07 per cent on June 30, 2014'.
These proposals were approved at the FIPB meeting held on September 16, it said.
Tamil Nadu-based Equitas Holdings Pvt. Ltd., with the largest proposed investment in the lot, would bring foreign capital of Rs. 325 crore.
The approval was sought by the company for downstream investment in its wholly owned subsidiaries by its existing and new foreign shareholders leading to increase in the foreign equity from 91.30 per cent to 93.12 per cent.
It is followed by Mumbai-based Tara India Fund envisaging investment of Rs. 305.63 crore.
Under the defence sector, proposals of Bharti Shipyard Ltd. and Solar Industries India will not lead to any fund flow.
Telecom player Verizon Communications India's proposal for increase in foreign equity participation by its foreign parent from 74 per cent to 100 per cent was approved entailing investment of Rs. 2.32 crore.