Centre clears 16 foreign investment proposals worth Rs 6,751 cr

New Delhi: The government today approved 16 foreign investment proposals, including those of Torrent Pharmaceuticals and Star India Private Limited, amounting to Rs 6,750.86 crore.[caption id=“attachment_2232106” align=“alignleft” width=“380”]  Attracting FDI. Reuters[/caption] “Based on the recommendations of Foreign Investment Promotion Board (FIPB)… Government has approved 16 proposals of Foreign Direct Investment (FDI) amounting to Rs 6,750.86 crore,” finance ministry said in a statement. The proposals were cleared during the FIPB meeting held on 28 May, it said. 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 percent to 35 percent. While, Syngene International has been allowed to raise foreign investment to 44 percent from 10 percent 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 engaged in broadcasting sector on a slump sale basis. Among others, FDI proposals of Stericat Gut Strings Pvt Ltd, BASF Chemicals India Private Ltd, Ordain Health Care Global, Mumbai-based TRIF Kochi Projects, TRIF Real Estate and Development Ltd, Berggruen Real Estates and Today Magazines Lifestyle, were also approved. Meanwhile, FDI proposal for increasing the aggregate foreign investment in Kotak Mahindra Bank to 55 percent, pursuant to a merger between ING Vyasa and Kotak, has been deferred. Others in deferred list include Reliance Globalcom Ltd, Bermuda, Celon Laboratories for downstream investment in another brownfield pharma company, INX Music Private Limited, Eros International Media, NTT Communications India, Hathway Cable and Datacom and DEN Networks. Also, the government has rejected FDI proposal of Strides Arcolab for issuing shares to non-resident and resident equity shareholders of Shasun Pharmaceuticals under a merger scheme. Proposals of SME Capital Market Corp, IIFL Holdings, Quantam Simulators, Big India Malls and Cheekotel Venture Fund were also rejected. PTI