Govt OKs 14 FDI proposals

On Friday (January 11, 2013), the government said it has approved 14 foreign direct ibvestment ( FDI) proposals worth about Rs1,311 crore including that of Hindustan Port. Now going into detail, the Finance Ministry said in a statement that based on the recommendations of Foreign Investment Promotion Board ( FIPB) in its meeting held on December 21, government has approved 14 proposals of foreign direct investment amounting to Rs1,310.60 crore approximately. FIPB has deferred six and rejected three proposals. Those rejected include proposal of Mumbai-based Fullife Healthcare for induction of foreign equity. The proposals which were deferred include that of Mahindra & Mahindra ( M&M) to provide service support for radar systems and defence electronic systems. Adding further, the FIPB, headed by Economic Affairs Secretary Arvind Mayaram, has also allowed pharma firm Aanhaneya Lifecare to raise funds worth Rs405 crore via issue of foreign currency convertible bonds. The proposal of Mumbai-based Hindustan Port to induct foreign funds worth Rs440 crore for investment in downstream companies was among those cleared by FIPB. Besides, the board has allowed Bangalore-based Syngene International to induct foreign equity of Rs125 crore. US-based Gavis Pharma LLC can also invest Rs73.75 crore in an Indian company engaged in the business of manufacture of injectable products.