Government gives approval to 14 FDI proposals

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fdiMonday, August 11, 2014: Foreign Direct Investments (FDIs) worth Rs. 15,283.8 million have been approved by the government from some huge brand names, like Johnson & Johnson, Acme Solar and Golden Agriculture Resources. As per an official release, six proposals are lying in the rejection list while seven have been postponed.

Based on the recommendations by the Foreign Investment Promotion Board (FIPB), as decided in a meeting on July 4, the decisions have been taken. Laurus Labs Pvt. Ltd. Has been approved to bring in additional FDI worth Rs. 6,000 million. Golden Agri Resources (India) Pvt. Ltd. has been granted approval for investment of Rs. 4,859 million and it’s only required to subscribe to FDI-compliant instruments.

An approval has also been given to A Menarini India Pvt. Ltd. To issue equity shares to A Menarini Asia-Pacific Pte. Ltd., Singapore. As Johnson & Johnson is looking forward to unite with De Puy Medical Pvt. Ltd., an approval has also been given to the company to allott 326,752 fully paid-up equity shares of Rs. 100 each to DMPL stakeholders. Global Pharmatech Bangalore has also been permitted to issue and allott 19,68,750 equity shares of Rs. 96 each to PharmaScience inviting FDI worth Rs. 189 million. Other approved proposals include that of Kindex Healthcare, Jaipur; Par Formulations, Open Source Software Solutions, Hyderabad, FG International LLP, Ahmedabad; Leibherr CMC Tec India, Maharashtra; Samtel Thales Avionics Ltd, Security and Intelligence Services (India) Ltd and Sinclairs Hotels Ltd, Kolkata.

Among the rejected proposals are that of Bangladeshi nationals Shajahan Bablu and Suraiya Shajahan and a French national Christine Comarmond Margotin, who were willing to have foreign investments in India. Seven proposals have been deferred including companies like Koye Pharmaceuticals Pvt Ltd, Mumbai; Amneal Pharmaceuticals Company Private Ltd, Ahmedabad; Empays Payment Systems India Pvt Ltd, Mumbai; Barefoot Resorts & Leisure India Pvt Ltd, Chennai; Monsanto Holdings Pvt Ltd, Mumbai; Diabu Diamond Tools (India) Pvt Ltd, Bangalore and Bellota Agrisolutions and Tools Pvt Ltd.

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