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The Government has approved 20 Foreign Direct investment proposals worth Rs 988.3 crore. It rejected Sistema Shyam Teleservices bid to raise foreign stake holding in the company to 100 per cent.
The decisions have been taken based on a meeting of the Foreign Investment Promotion Board (FIPB) on September 16.
The proposals that have been approved include one from investment companies Equitas Holdings Private Limited, Tamil Nadu and Tara India Fund IV Trust, Mumbai of Rs 325 crore and Rs 305.63 crore respectively, according to an official release.
Amneal Pharmaceuticals Company Private Limited, a foreign owned and controlled company’s, Rs 205 crore proposal to acquire entire share capital of Epsilon through a share purchase agreement has been approved. Epsilon is engaged in trading of generic pharma products and is in the process of setting up formulation manufacturing facility.
Another pharmaceutical company Fresenius Kabi Oncology Limited’s proposal for issuance of equity shares worth Rs 119 crore to increase foreign shareholding from 96.22 per cent to 96.483 per cent of its parent company has also been approved.
A proposal made by Bharati Shipyard Limited, Mumbai, which has existing Foreign Institutional Investment and NRI investments, to undertake additional defence activities along with its existing activities, has been approved.
The Government rejected a proposal made by Sistema Shayama Tele Services Limited, a joint venture between Russian telecom company Sistema and India’s Shyam Group, of increasing FDI up to 100 per cent in the company and its downstream wholly owned subsidiary Shyam Internet Services Ltd.
Four other proposals were rejected which include three in the pharmaceutical sector from BioMerieux India Private Limited, Kusum Healthcare Private Limited and HBM Private Equity India.
A joint venutre proposed by Indus Teqsite Private Limited, Tamil Nadu, to be formed with 26 per cent FDI to undertake defence sector activities was also rejected.
The Government deferred a decision on eight proposals.
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