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The Centre has approved 17 proposals for foreign direct investment (FDI) worth Rs 262.56 crore, which include pharmaceutical company Sanofi’s application to invest Rs 180 crore to acquire another pharma company through internal accruals.
Other approvals include Rs 70 crore brought in by Augere Wireless Broadband (I) Pvt. Ltd to capitalise the balance amount of the spectrum fee earlier paid to the Department of Telecommunications, induction of Rs 7.65 crore by France-based Na Pali Europe SARL’s in an Indian company to carry out single brand retail trading and issuance of shares worth Rs 2.54 crore by Zap Piling India Pvt. Ltd, Chennai, on incorporation of the company.
Seven proposals were deferred which include Mylan Laboratories submission to acquire entire business of manufacturing from another existing Indian pharmaceutical company and two proposals by Muthoot Finance and Euronet Services to set up White Label ATMs.
The decisions are based on the recommendations of the Foreign Investment Promotion Board in its meeting on March 13.
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