Govt okays 12 FDI proposals worth over Rs 2,609 crore

Based on the recommendations of FIPB in its meeting held on February 13,the government has approved 12 proposals of foreign direct investment amounting to Rs 2,609.27 crore approximately, the finance ministry said in a statement. The biggest proposal that was cleared was Ahmedabad-based Claris Otsuka Ltds plan to hive off its infusions business into a new JV with FDI worth Rs 1,050 crore. The board also cleared Mumbai-based Glynwed Pipe Systemss proposal to receive foreign investment worth Rs 800 crore for making downstream investment.

The proposal of Pramod S.A.S,France,to induct foreign equity worth Rs 29.69 crore into an Indian JV company to be engaged in single brand retail trading was also approved. Clearance was also accorded to Fossil India and Le Creuset Tradings for setting up of single brand retail stores as a wholly-owned subsidiary of a foreign company.