The government has given its approval for seven foreign direct investment (FDI) proposals amounting Rs 517.57 crore, based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 233rd meeting held on April 8. The proposals include that of Helix Investment Holding, Alchymers ICM, Prime Living and Gulf Quarry.
The largest FDI proposal to be cleared was from Singapore-based Helix Investment Holding in the pharmaceutical sector worth Rs 475.31 crore. The company sought approval to invest 20 per cent in the equity of Concord Biotech by subscribing to equity shares and purchasing equity shares from existing shareholders. Further, Alchymars ICM SM proposal worth Rs 22.3 crore for increasing foreign equity participation from 57.15 per cent to 100 per cent by way of transfer of equity shares from resident shareholder to Gen Phar Pro Investments (GB), a UK company, by amending earlier approvals, also got the green signal.
Prime Livings’s proposal worth Rs 3.43 crore in the construction sector seeking post facto approval for the issuance of 10,56,938 equity shares at issue price of Rs 32.50 was also cleared. Other proposals that were cleared include Jupiter Corporate Services in the defence sector, Elite Screens lndia in Wholesale trading, One Market India LLP in limited liability partnership and Gulf Quarry General Trading FZC in manufacturing.
Further, five FDI proposals were deferred viz, Ordain Health Care Global, lndian Rotorcraft, Tikona Digital Networks, Menon Bearings and Sharekhan, while three proposals of Malladi Drugs and Pharmaceuticals, Athena Chhattisgarh and Mount Kailash Shipping were rejected.