Union Government approved 14 FDI proposals worth 113.35 crore Rupees

The Union Government of India approved fourteen foreign direct investment (FDI) proposals, which would bring in the capital inflow of 113.35 Crore Rupees. The major portion of 81.05 crore Rupees investments accounts to the three clearances made in the Pharmaceutical Sector.  

Approval of these proposals was made in accordance to recommendations made by the Foreign Investment Promotion Board (FIPB) during the meeting held on 18 September 2012. The FIPB is headed by Arvind Mayaram, the Secretary of Department of Economic Affairs (DEA).

Proposals of the companies approved include Dashtag, Neo Capricorn Plaza Ltd., Pipavav Defence and Offshore Engineering Company Ltd., Prime Surgical Centers Private Ltd., Calyx Chemicals and Pharmaceuticals Limited, Egon Software Pvt. Ltd. and Alburaq Trading LLP.

Datsang got an approval to hike its foreign equity of value 68.22 crore Rupees with a nod of carrying out the pharmaceutical business especially in products related to antibiotics, anti-histamines, dermatology and oncology.

Prime Surgical Centers Private Ltd. is allowed for setting-up of the Limited Liability partnership (LLP) for carrying put and setting up the business of establishing centers for short stray surgery in India. The company will have its flagship center at Pune and bring in an investment of 14 crore Rupees.

Neo Capricorn Plaza Limited a Mumbai based company was allowed with post-facto approvals to carry out its business of constructing five-star hotels. Pipavav Defence and Offshore Engineering Company Limited is allowed to issue foreign currency convertible bonds (FCCBs) for raising its foreign equity and carrying out the businesses of ship repairs, ship building and production of offshore assets.