Govt clears 20 FDI proposals worth Rs 1,034 cr

The government today approved 20 foreign direct investment proposals, including that of Fluke South East Asia Pte, APF II India Investments Mauritius and Edict Pharmaceuticals, that envisage a total investment of Rs 1,034.37 crore.

The proposals were cleared following recommendations of the Foreign Investment Promotion Board (FIPB).

The government cleared Singapore-based Fluke South East Asia Pte's Rs 400 crore proposal to incorporate an investing company to make downstream investments in other Indian firms engaged in wholesale trading and related activities.

Besides, the Board also cleared a proposal of Mauritius- based APF II India Investments Pvt Ltd's involving investment of Rs 300 crore.

Edict Pharmaceuticals' proposal to induct Rs 171.53 crore by way of transfer of 100 per cent equity to a foreign investor has also been cleared, an official release said.

However, decision on 15 proposals including that of Ashok Leyland Defence Systems was deferred and two others were rejected, it said.

Meanwhile, one proposal relating to Ordain Health Care Global was withdrawn.

The proposal of Mauritius-based Multiples Private Equity Fund I Ltd seeking induction of foreign equity worth Rs 50.94 crore for acquisition of the equity shares of a company engaged in the operation of automated and online power exchange was also cleared.