As reported by the Ministry of Finance ,today, the Foreign Investment Promotion Board of government of India granted approval to 12 FDI proposals totalling to Rs.2,609.27 crores. The board, however, refused one and deferred nine proposals.
This approval includes the fat controversial proposal of Claris Otsuka, the pharmacy firm… It has, also, cleared the proposal for foreign equity of Rs.700 crores to engage a single brand retail deal in Decthlon Sports.
The Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary Arvin Maya ram cleared Rs.1, 050 crores worth major proposal of Claris Otsuka, the pharmacy firm based in Ahmedabad to put away its infusion business in to a new JV. Approval was, also given to the proposal of French Pramod S.A.S to induct Rs.29.69 crores foreign investment into an Indian JV company to be engaged insingle brand retail trading. Approval was, also, given to Fossil India and Le Cresset Trading’s for setting up a wholly-owned subsidiary of a foreign company of single brand retail stores. FIPB gave clearance, also to Mumbai-based Glyn wed Pipe System’s proposal for making downstream investment to get Rs 800 crore worth foreign investment.
Even, the proposals of Marini Reunion Parma, Al Shakur Company for Engineering & Construction and Netherlands-based Aon Holdings were cleared by the board.
The deferred proposals include the proposal of inducting foreign equity to carry out the business of insurance by Insurance Brokers, Alliance Insurance. The FIPB rejected the proposal to increase foreign equity by Erica Healthcare, Mumbai.
Even, the proposals of Marini Reunion Parma, Al Shakur Company for Engineering & Construction and Netherlands-based Aon Holdings were cleared by the board.
The deferred proposals include the proposal of inducting foreign equity to carry out the business of insurance by Insurance Brokers, Alliance Insurance. The FIPB rejected the proposal to increase foreign equity by Erica Healthcare, Mumbai.
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