Four FDI proposals worth Rs.384.45 crore cleared

New Delhi, Nov 9 (IANS) The central government on Monday said it has approved four foreign direct investment (FDI) proposals amounting to Rs.384.45 crore based on the recommendations of the Foreign Investment Promotion Board (FIPB).

The proposals were from Eucare Pharmaceuticals, Hanon Systems, Lupin Limited and BF Elbit Advanced Systems.

Eucare Pharmaceuticals had sought approval for foreign investment upto 33 percent by HCP Healthcare Asia Pte. Ltd for an aggregate consideration of Rs.15 crore while South Korean Hanon Systems sought approval for the purchase of 10,000 equity shares held by the shareholders Allied Electronics and Automotive Systems Private Limited in Tamil Nadu.

Pharma major Lupin Limited had sought permission to issue employee stock ownership plan (ESOP) to its non-resident employees.

In BF Elbit Advanced Systems’ case, consent has been given for increasing the foreign shareholding from the present 26 percent to 49 percent from Elbit Systems Land and C4I Ltd.

Five proposals from Singapore-based Diarough Far East Holdings, RoltaMeprolight, Quantum Simulators, SeQuent Scientific Limited and FireFly Networks have been deferred and another four have been rejected.

FDI proposals from Barefoot Resorts and Leisure India, Franklin Templeton Asset Management India, APT Accounting and Taxation Services LLP and Reliance Globalcom were among those cast off by the government.

 

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here