FIPB clears Baxter Healthcare-Claris Injectibles deal worth Rs 4,020 crore

FDI

The Foreign Investment Promotion Board (FIPB) on Monday cleared Baxter Healthcare's deal to acquire India-based Claris Injectibles.

The board approved four foreign direct investment (FDI) proposals including Baxter Healthcare's deal worth Rs 4,020 crore, a senior government official said.

The remaining three applications from Panacea Publishing and Vodafone Mobile Services were also approved by the board, the official said.

However, there will be no fresh inflow of funds as these three proposals were related to restructuring, the official added.

The inter-ministerial body deferred four FDI applications.

FIPB, an inter-ministerial body, is the current nodal agency responsible for processing FDI proposals.

While delivering his Budget speech in February, Finance Minister Arun Jaitley had announced the government’s intention to abolish the FIPB and replace it with a new system as part of a broader strategy to ease FDI rules, remove procedural delays and the turn India into a global investment hotspot.

A Cabinet nod for implementation of a new mechanism is expected to be in place by May.