Government okays FDI proposals worth Rs.2,000 crore | Current Affairs, Current Affairs 2017

Government okays FDI proposals worth Rs.2,000 crore

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Government okays FDI proposals worth Rs.2,000 croreThe government Friday said it has approved 15 foreign direct investment (FDI) proposals that will result in an inflow of Rs.2,000.49 crore-worth of overseas capital.

The government has approved the proposals based on the recommendations of Foreign Investment Promotion Board (FIPB). The FIPB had given its recommendations after a meeting held Aug 27, 2013.

In addition, two proposals of the IDFC Trustee Company , as proposed trustee for India Infrastructure Fund II, Mumbai and Mylan Inc. US, amounting to Rs.10,668 crore, have been recommended for consideration of Cabinet Committee on Economic Affairs (CCEA), the finance ministry said in a statement.

Of the 15 approved proposals, the highest flow of money is related to setting up a wholly owned subsidiary in India by Singapore-based Jubilant Pharma Pte Ltd.

The company will be engaged in brownfield pharma activities. It will result in FDI inflow of Rs.1145.10 crore.

Mumbai-based Advanced Enzymes Technologies Limited has got approval to raise Rs.200 crore from overseas through IPO and an offer for sale.

Madhya Pradesh-based Symbiotec Pharmalab Limited has been granted approval to raise Rs.306.19 crore by transfer and issue of equity shares upto a maximum of 70.86 percent to a foreign company.

The government has rejected three proposals and deferred decisions on 10 others.

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