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09-28-2013, 04:45 AM #1
Govt clears 15 FDI proposals worth over Rs 2,000 crore
The finance ministry has approved 15 foreign direct investment (FDI) proposals totalling Rs 2,000.5 crore and recommended two applications, including that of US drug major Mylan, for final Cabinet clearance.
The 15 proposals were cleared following recommendations by Foreign Investment Promotion Board (FIPB) on August 27.
Proposals which have been cleared include that of Jubilant Pharma Pte, Singapore (Rs 1145.10 crore), Lotus Surgical Specialities (Rs 150 crore), Symbiotec Pharmalab (Rs 306.19 crore) and Advanced Enzyme Technologies (Rs 200 crore).
"In addition, two proposals viz, M/s IDFC Trustee Company Ltd, as proposed Trustee for India Infrastructure Fund II, Mumbai and M/s Mylan Inc USA amounting to Rs 10,668 crore, have been recommended for consideration of Cabinet Committee on Economic Affairs," the Finance Ministry said.
US-based Mylan Inc proposes to acquire Agila Specialties Pvt Ltd - a subsidiary of pharma firm Strides Arcolab. It involves FDI worth Rs 5,168 crore.
According to a 'Share Purchase Agreement', Mylan would acquire entire issued and outstanding share capital of Agila Specialities Pvt Ltd.
Meanwhile, IDFC Trustee Company has sought government approval to set up an Alternate Investment Fund (AIF) category I and for receiving contributions from international investors. As per the Ministry, the proposal involve FDI inflow worth Rs 5,500 crore.
Mylan and IDFC proposals have been recommended for the consideration of Cabinet Committee on Economic Affairs (CCEA), as the proposed investment in both cases is above Rs 1,200 crore.
The finance ministry also said it has deferred decisions on 10 FDI proposals, including that of Hindustan Coca-Cola Holdings Pvt Ltd, HBO India Pvt Ltd, P5 Asia Holding Investments (Mauritius) Ltd, Australia Asia Resources LLP (USA) and Dhanlaxmi Infrastructure Pvt Ltd.
The statement also said three foreign investment proposals were rejected.