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Four FDI proposals worth Rs.384.45 crore cleared | Canindia News

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Four FDI proposals worth Rs.384.45 crore cleared

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CanIndia New Wire Service 0 comments

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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.

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