Government approves 16 FDI proposals, rejects 6 proposals and 21 (twenty-one) proposals were deferred

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 218th meeting held on 28 May 2015, Government has approved 16 proposals of Foreign Direct Investment amounting to Rs. 6750.86 crore approximately including BASF Chemicals India, Torrent Pharmaceuticals, Star India and Syngene International, Bangalore.

Among others, FDI proposals of Stericat Gut Strings, Ordain Health Care Global, Mumbai-based TRIF Kochi Projects, TRIF Real Estate and Developmen, Berggruen Real Estates and Today Magazines Lifestyle, were also approved.

A total of 21 proposals were deferred during the meeting and six others were rejected.

FDI proposal for increasing the aggregate foreign investment in Kotak Mahindra Bank to 55 per cent, pursuant to a merger between ING Vyasa and Kotak, has been deferred.

Reliance Globalcom, Bermuda, Celon Laboratories for downstream investment in another brownfield pharma company, INX Music, Eros International Media, NTT Communications India, Hathway Cable and Datacom and DEN Networks, were also included in deferred list.

Further, the government has rejected FDI proposal of Strides Arcolab for issuing shares to non-resident and resident equity shareholders of Shasun Pharmaceuticals under a merger scheme, SME Capital Market Corp, IIFL Holdings, Quantam Simulators, Big India Malls and Cheekotel Venture Fund were also rejected.

The Torrent Pharmaceuticals' proposal for increasing FII investment from 13.09 per cent to 35 per cent got government approval.

While, Syngene International got approval to raise foreign investment to 44 per cent from 10 per cent by initial public offering of equity shares to FIIs, FPIs and NRIs.

Star India has been given approval for further issuance and transfer of shares to its foreign collaborator and acquisition of another Indian company engaged in broadcasting sector on a slump sale basis.

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