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Govt approves 8 FDI proposals worth Rs 35 crore

31 Dec 2014 Evaluate

The Government, based on the recommendations of Foreign Investment Promotion Board (FIPB), has cleared eight Foreign Direct Investment (FDI) proposals worth about Rs 34.77 crore. The proposals include that of CSC Computer Sciences International Operations and Life Positive. Among others, government cleared proposals of Mahanagar Gas, Medicamen Biotech, TutorVista Global Private, Ventura (India), Syssmart Services LLP and Mahindra CIE Automotive.

While, the UK based CSC Computer Sciences International Operations with an investment of about Rs 30 crore would be setting up a proposed LLP, Life Positive by inducting further FDI of about Rs 4.61 crore seeks to increase foreign equity participation from existing 96% to 99%.

However, a total of 12 proposals were deferred that included Syngene International, India Value Fund IV, SME Capital Market Corporation, SNC-Lavalin Mauritius and Verint Systems, while two applicants, Today Magazines Lifestyle and TC Capital Managers -- withdrew their overseas investment proposals.

Besides, a proposal relating to pharma firm Lupin, involving an investment of Rs 1,200 crore has been recommended for Cabinet Committee on Economic Affairs (CCEA)’s consideration.

 

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