Government Approves 12 FDI Proposals Worth Rs.2,609 Crore

Government Approves 12 FDI Proposals Worth 2,609 Crore

Friday, 22 March 2013, 11:51 Hrs
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New Delhi: The government said it has approved 12 proposals of foreign direct investment (FDI) amounting to 2,609.27 crore.



The highest amount of overseas fund inflow is related to an Ahmedabad-based pharmaceutical firm Claris Otsuka. The company is hiving off its infusions business into a new joint venture with foreign direct investment of 1,050 crore.



The Foreign Investment Promotion Board (FIPB) headed by economic affairs secretary Arvind Mayaram had cleared the FDI proposals at a meeting held.



"Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held the government has approved 12 proposals of Foreign Direct Investment amounting to 2,609.27 crore," the finance ministry said in a statement.



Mumbai-based Glynwed Pipe Systems India has got the approval to receive 800 crore foreign investment for making downstream investments.



Decathlon Sports India Private Limited has been given the approval for induction of 700 crore foreign equity in its equity share capital to undertake the business of single brand retail trading.



The government has also deferred nine proposals and rejected one.



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Source: IANS
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