The government has approved seven foreign direct investment (FDI) proposals worth ₹290 crore from companies including Tikona Digital Networks and Laurus Labs.

It deferred decisions on seven proposals while rejecting five others, according to an official release.

The decision taken by the Finance Ministry is based on the recommendations made by the Foreign Investment Promotion Board (FIPB) in its meeting on August 3.

Approval was given to telecom company Tikona Digital for the issuance of CCDs worth ₹267 crore thereby increasing foreign equity to 76.73 per cent, according to the release.

Proposed downstream investment into Sriam Labs by purchase of equity shares representing 73 per cent of fully paid-up equity share capital from the existing shareholders for a total consideration of an amount of ₹22.99 crore was also approved.

Sriam Labs will now be a 100 per cent wholly owned subsidiary of Laurus Labs.

Other proposals that were approved but did not involve an inflow of investments were from IMCD India in the wholesale trading sector, Fincare Business Services in the investing company sector, Haymarket SAC Publishing in the publishing sector and Samara Capital Partners Fund and Reckitt Benckiser in the pharmaceutical sector.

The proposals that were rejected include ones from Sanofi-Synthelabo, EXFO Asia Pacific, Baxter India, Oxigen Services and Crown Cement Manufacturing India.

Related Topics