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Govt clears 21 FDI proposals worth Rs 2,410 cr
SME News, Wednesday, Sep 12, 2012 16:13:36 PM IST
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NEW DELHI: The government has cleared 21 foreign direct investment (FDI) proposals worth Rs 2,410 crore, which includes eight proposals from pharmaceutical sector.
In its meeting held on August 24, the Foreign Investment Promotion Board (FIPB) had approved 21 FDI proposals, which include 8 proposals worth Rs 1,842.55 crore relating FDI in brownfield pharmaceutical sector.
The board headed by Department of Economic Affairs Secretary Arvind Mayaram, cleared the proposal of Pfizer Ltd for induction of foreign equity in an operating-cum-investing company to carry out the business in pharmaceutical sector to the tune of Rs 800 crore.
Sterlite Networks, Dadar and Nagar Haveli plan to bring in FDI worth Rs 500 crore for telecom business was cleared.
The proposal forwarded by Mumbai-based Arch Pharmalabs for inducting Rs 372 crore of foreign investment for manufacture and sale of active pharmaceutical ingredients has also been approved.
Moreover, FIPB has also approved the proposal of The Wall Street Journal for change in the foreign collaborator by way of overseas merger within group companies.
D B Corp also secured approval to raise the foreign equity participation “to carry out the business of publication of newspapers including the business of developing, editing, publishing, printing, distributing and marketing newspapers and other publications and FM radio business,” as per the statement issued by the Finance Ministry.
However, eight pharma proposals cleared by the board are subject to certain conditions. The companies would be required to maintain for the next five years the quantitative level of NLEM (National List of Essential Medicines) drugs production annually at the time of induction of foreign investment.
During the previous fiscal (2011-12), the FDI inflows in the country was $36.50 billion.
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