Shantha Bio's project among 22 FDI proposals cleared

New Delhi: A Rs 514-crore proposal by Shantha Biotechnics for setting up a brownfield bio-genetics project was among the 22 foreign direct investment (FDI) proposals worth Rs 586.13 crore cleared on Friday by the Foreign Investment Promotion Board. Among other proposals which got approval for FDI infusion include Bhushan Steel's rights issue worth Rs 8.17 crore and Mahindra and Mahindra's Rs 25.99-crore proposal to set up a joint venture to develop, manufacture and provide service support for radar systems and various kind of defence electronics systems. FIPB also approved Ashok Leyland Defence Systems' proposal to undertake defence related activities. The proposal will see a FDI infusion of Rs 10 crore. Additionally, publisher Springer Editorial Service is looking to increase its foreign equity up to 100 per cent to carry on the business of publishing services. It is looking at an equity infusion of Rs 12.87 crore. At least 18 proposals were deferred on various grounds, while five proposals have been rejected.