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Publish Date : 23-Feb-2015

The Union Government on Thursday has given a go-ahead to eleven proposals involving foreign direct investments (FDI) worth about Rs.1,075.91 crore.

In a statement, the Ministry of Finance stated, “Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on Feb 4, government has approved 11 proposals of FDI.”

The latest approval comprises pharmaceutical company SeQuent Scientific’s Rs.400 crore FDI bid, the highest proposal receiving clearance in this round of sanctioning. BLP Wind Assets Holding’s Rs.371 crore worth of bid is the second largest proposal obtaining approval from the Government.

The company has planned to create a joint venture business to do downstream investments in the renewable energy space.

The Central Government, on the other hand, has decided to defer 12 proposals, while it declined to clear 9 plans, according to the Finance Ministry’s statement.

The Government has forwarded two different offers of Aurobindo Pharma and Glenmark Pharmaceuticals to the Cabinet Committee of Economic Affairs (CCEA) for its consideration.

Since proposals of each of the pharmaceuticals companies entail an investment of more than Rs.1,200 crore, the Government has asked for the CCEA’s review, added the statement.

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