New Delhi, May 7 (IANS) The government Tuesday said it has approved 17 FDI (foreign direct investment) proposals amounting to Rs.262.55 crore.
The largest flow of money is related to pharma sector. Sanofi-Synthelabo (India) Limited has got the approval to secure Rs.180 crore FDI. The proposal is for an existing pharma company to acquire another pharma company through internal accruals.
"Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on March 13, 2013, the central government has approved 17 proposals of Foreign Direct Investment amounting to Rs.262.55 crore approximately," the finance ministry said in a statement.
French firm Na Pali Europe SARL has got the approval for induction of foreign contribution in an Indian company to carry out the business of single brand retail trading. It will result in FDI inflow of Rs.7.65 crore.
One proposal has been rejected while the decisions on seven proposals were deferred, the finance ministry said.