Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on December 31, 2012, the government has approved four foreign direct investment (FDI) proposals envisaging a total capital inflow worth Rs 1,286.75 crore. Of the four proposals, the lion’s share of which is accounted for by Hospira Healthcare’s plan to induct Rs 1,194.75 crore foreign equity to acquire manufacturing facilities in pharmaceuticals sector was the significant one.
The FIPB, headed by Economic Affairs Secretary Arvind Mayaram, also gave its nod to Mumbai-based Perrigo API’s proposal to bring in foreign equity worth Rs 55 crore to carry out the business of manufacturing pharma inputs and Kolkata-based Pran Beverages proposal to increase foreign equity to the tune of Rs 30.25 crore for manufacturing beverages. Also, approved telecommunications firm InterCall Asia Pacific Holdings’ proposal worth Rs 6.75 crore to set up a wholly-owned subsidiary.
Apart from this, board deferred two proposals, that of Mumbai-based Alliance Insurance Brokers Private and Netherlands-based Aon Holdings BV. Swedish furniture major Ikea’s proposal for setting up cafeterias in retail outlets was not taken up for consideration and the proposal of Ingka Holding Overseas BV, IKEA’s parent company, was withdrawn from the agenda of the meeting.
Earlier, FIPB has permitted Swedish furniture major IKEA to invest Rs 4,200 crore to open single-brand retail business.
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