SME Times News Bureau | 12 Jan, 2013
The
government has approved 14 proposals of foreign direct investment (FDI)
amounting to Rs.1,310.60 crore.
"Based on the recommendations of Foreign Investment Promotion Board (FIPB)
in its meeting held on Dec 21, 2012, the government has approved 14 proposals
of FDI amounting to Rs.1310.60 crore approximately," the finance ministry
said in a statement Friday.
The largest fund inflow is related to Mumbai-based shipping firm Hindustan Port
Private Limited. The company has got approval to induct Rs.440 crore overseas
fund for making downstream investment in other Indian companies.
A Mumbai-based pharmaceutical firm Aanjaneya Lifecare Limited has got approval
to issue Foreign Currency Convertible Bonds to eligible foreign investors
amounting Rs.405 crore.
Bangalore-based Syngene International Limited has got approval to induct Rs.125
crore foreign equity.
The government has rejected three proposals, while decision on six proposals
have been deferred.