Fri, 11 Jan 2013 16:00:00 GMT | By PTI

Government nod for 14 FDI proposals worth Rs 1,311 cr

Other proposals approved include that of Ordain HealthCare Global for acquisition of manufacturing facility for its group pharma company and that of Arshiya International to issue warrants

Government nod for 14 FDI proposals worth Rs 1,311 cr (© Reuters)

New Delhi: The government said it has approved 14 FDI proposals worth about Rs 1,311 crore including that of Hindustan Port Ltd.

“Based on the recommendations of FIPB in its meeting held on December 21, government has approved 14 proposals of foreign direct investment amounting to Rs 1,310.60 crore approximately,” the Finance Ministry said in a statement. The proposal of Hindustan Port Ltd to induct foreign funds worth Rs 440 crore for investment in downstream companies was among those cleared by FIPB.

The Foreign Investment Promotion Board, headed by Economic Affairs Secretary Arvind Mayaram, has also allowed pharma firm Aanhaneya Lifecare to raise funds worth Rs 405 crore through issue of foreign currency convertible bonds. Besides, the board has allowed Syngene International to induct foreign equity of Rs 125 crore.

US—based Gavis Pharma LLC can also invest Rs 73.75 crore in an Indian company engaged in the business of manufacture of injectable products.

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