The Government has approved five Foreign Direct Investment (FDI) proposals worth Rs.6,050.10 crore, including ones from pharmaceutical companies Cadila Healthcare and Recipharm. The approvals are based on the recommendations of Foreign Investment Promotion Board (FIPB) at its meeting last month. The biggest proposal to get the nod was from Cadila amounting to Rs. 5,000 crore. The company was given approval for the transfer of its 99.90 per cent shares currently held by an NRI to Wellness Technology and Media Private Ltd, UK.
Recipharm Participation got approval for Incorporating a wholly-owned-subsidiary in India, which will be engaged in the business of investing in other companies. Other proposals which got a nod include ones from Health Media Publishing, Sai Life Sciences Limited and Buimerc Core Investments Pvt Ltd. Six proposals were deferred which include ones from HSBC Securities and Capital Markets (India) Pvt Ltd, Raheja QBE General Insurance Company Ltd and Equitas Holdings Pvt Ltd.