The government has approved 19 FDI proposals worth Rs 2,165 crore, based on the recommendations of Foreign Investment Promotion Board (FIPB). The cleared approvals includes Mylan Laboratories’ FDI proposal worth Rs 128.77 crore. The pharma firm had sought prior approval for increase in the level of FDI in the company by existing non-resident shareholders, MP Laboratories (Mauritius) Ltd. And Mylan Luxembourg pursuant to a composite scheme of arrangement.
The approvals also included Rs 1,290 crore investment proposal of Bharti AXA Life and General Insurance, Rs 124-crore proposal of another pharma company Par Formulations Private and Curatio Healthcare's proposal of Rs 93.43 crore too has been approved.
The FIPB also cleared FCC Clutch India's proposal of 444.50 crore. FCC India had sought permission to acquire additional 50 per cent equity stake (represented by 39,50,000 equity shares) in FCC Rico from FCC Co Ltd, the consideration for which would be discharged by swap of shares wherein FCC India's equity shares would be issued to FCC Japan.
However, FIPB deferred 10 proposals including that of BASF Chemical India Pvt Ltd, Vivimed Labs Ltd and Sharekhan Ltd. It also rejected 12 proposals including Nickelodeon Asia Holdings Pte Ltd, Singapore, S Kumars Nationwide Limited and Warden Petrochem Pvt Ltd.