The Foreign Investment Promotion Board (FIPB) has approved six proposals entailing foreign direct investment (FDI) of about ₹85 crore and has recommended one proposal for approval from the Cabinet Committee on Economic Affairs (CCEA).
“The proposal involving ₹4,315 crore by Gland Pharma Ltd has been referred to the CCEA,” said an official statement on Monday.
The decisions pertain to the FIPB meeting held on March 29.
A brownfield Indian pharmaceutical company Gland Pharma has sought approval for its initial acquisition of up to 86.08 per cent stake in Shanghai Fosun Pharmaceutical (Group) Company Ltd.
Meanwhile, among the six proposals approved by the FIPB, three relate to the pharma sector. These include proposals by PMC Group International, Enaltec Labs and Bigtec Pvt Ltd.
The FIPB also approved proposals of Powervision Export and Import India, Crown Cement Manufacturing and Entrepreneur India Media Private Limited.
It also deferred 11 proposals including four in the telecom sector by firms like Sistema Shyam, Datawind Innovations and Vodafone Mobile Services.
It also deferred two FDI proposals in the financial services and insurance sector including one by HSBC Securities and Capital Markets and another by Geodis Overseas.
Five proposals were also rejected by the Committee. These were by PERI India, Limpkin Telecom, LS Cable, Maxaim Network and Xerox India.