India's Foreign Investment Promotion Board (FIPB) Tuesday approved 25 foreign direct investment (FDI) proposals totalling around Rs.1,546.12 crore.
"Based on the recommendations of FIPB in its meeting held on Aug 29, government has approved 25 proposals of FDI. In addition, one proposal of Medereich amounting to ' Rs.1,800 crore has also been recommended for consideration of Cabinet Committee on Economic Affairs," the Finance Ministry under which FIPB functions was quoted in a statement.
A major chuck of the investment proposal approved belongs to Laurus Labs's proposal for FDI totalling around Rs.600 crore, followed by Indiaret Fund Advisors's planned infusion of Rs.500 crore and Flemingo International's duty free business plans worth Rs.150 crore.
The FIPB deferred two proposals including India Value Fund and Life Positive Private Limited. One proposal of Veritas India was rejected, the statement added.
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