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FDI proposals worth Rs.1,310 crore approved

Source : IANS
Last Updated: Fri, Jan 11, 2013 13:20 hrs

New Delhi, Jan 11 (IANS) 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.

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