FIPB clears 3 FDI proposals worth Rs 136 cr

The Finance Ministry today said FIPB has approved three foreign direct investment proposals worth Rs 136 crore.
The Foreign Investment Promotion Board (FIPB) in its meeting held on November 27, 2015, approved three proposals of FDI amounting to Rs 135.84 crore, a finance ministry statement said.
Singapore-based GMS Pharma's proposal of acquisition of 25.1 per cent in Stelis Biopharma, from Strides Arcolab, for Rs 135.71 crore was approved by the FIPB.
Also the proposal of GVK Biosciences Pvt Ltd for transfer of its 9.091 per cent shares currently held by Sequoia Capital to Destiny Investments was cleared. However, there was no amount involved in the proposal.

The proposal of Scalene Works People Solutions LLP worth Rs 13 lakh was also cleared by the Board.
However, the FIPB, chaired by the Economic Affairs Secretary, deferred nine proposals, including that of Financial Times and Firefly Networks Ltd.

The proposal of HDFC Standard Life insurance Co for hiking foreign partner's stake in the company to 35 per cent from 26 per cent was deferred.
Also proposal of Aviva Life Insurance to increase foreign holding to 49 per cent from 26 per cent was deferred.
However, one proposal of ACN Cable Pvt Ltd was rejected.