Government Approves 6 FDI Proposals Worth Over 732 Crore

The board also cleared Hyderabad-based AET Laboratories proposal for induction of additional foreign equity in a pharmaceutical company worth 5.34 crore.

The proposal of Bharat Electronics Limited, Bangalore to set up a JV company worth 2.5 crore to carry out the business of design, development, marketing, supply and support of civilian and select defence Radars for Indian and global markets was also approved.

The board, however, deferred seven proposals and rejected one.

The proposals which were deferred include that of ICICI Venture Funds Management Company to bring fund from a foreign limited liability company FVCI for making investment in the units of a Trust for making investments in portfolio companies in India.

Andhra Pradesh-based Prithvi Information Solutions proposal to issue warrants to carry out the business of end-to-end solutions in information technology, RF engineering and knowledge service apart from providing consulting and staff augmentation, was rejected by FIPB.

New Delhi-based Copper Beech Infrastructure was advised by FIPB to approach the Reserve Bank of India (RBI) for its request for deletion of compounding condition. The company is engaged in the business of setting up of Educational Infrastructure.

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