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Foreign Direct Investment (FDI) Proposals worth Rs.2973.40 crore received Government Nod

May 30, 2012 13:57 IST

The Union Finance Minister announced on 29 May 2012 that 25 foreign direct investment (FDI) proposals worth Rs.2973.40 crore received government nod. Based on the recommendations of the Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary R. Gopalan, Mauritius-based AIF III Sub Pvt. Ltd. was permitted to induct foreign investment worth Rs.1000 crore into the units of a Fund constituted as a Trust.

 

The proposal of Mozart Limited also from Mauritius received the nod to infuse Rs.300 crore into an existing company in the pharmaceuticals segment by way of brownfield investment. In the financial services sector, SNC-Lavalin Mauritius Limited obtained the government permission to bring in FDI worth Rs.51.02 crore as induction of foreign equity in investing company.

 

Other major proposals approved include Mumbai-based Microqual Techno Ltd. which was allowed to infuse foreign equity by bringing in foreign direct investment worth Rs.522.90 crore to carry out its business of wireless telecommunications. On the other hand Plethico Pharmaceuticals Limited, also based in Mumbai received permission to issue foreign currency convertible bonds (FCCBs) worth Rs.500 crore to carry out the business of drug discovery and development.

 

Karnataka-based Kintetsu World Express (India), Genworth Financial Mortgage Guaranty India and Sun Pharma Research Company's application for infusion of foreign equity also received the government nod.

 

The government however rejected 8 proposals and deferred decision on 13 applications.