New Delhi: The Foreign Investment Promotion Board (FIPB) has cleared 14 FDI proposals worth Rs 113.35 crore including three from the pharmaceutical sector.
The board, headed by Department of Economic Affairs Secretary Arvind Mayaram, cleared the proposal of the UK -based Dashtag to increase foreign equity valued at Rs 68.22 crore. This is to carry out the business of pharmaceuticals specialising in dermatology, anti-histamines, antibiotics and oncology products.
FIPB also gave its nod to Prime Surgical Centers Private Ltd proposal to set up a Limited Liability Partnership (LLP) to carry out the business of establishing and managing short stay surgery centres in India with its flagship centre in Pune. The company proposes to bring FDI worth Rs 14 crore in the venture.
A proposal relating to Mumbai-based Neo Capricorn Plaza Ltd for post-facto approval for issue of partly paid up shares to carry out the business of construction of five star hotels was also okayed.
FIPB also cleared the proposal of Pipavav Defence and Offshore Engineering Company Ltd to increase foreign equity by way of issuance of FCCBs to carry out the business of shipbuilding, ship repairs, offshore assets production etc.
Nine proposals were deferred due to various reasons. These include applications of Multi Commodity Exchange of India, Multi Screen Media Pvt and Deutsche Investments India Private Ltd.
Also, seven requests for FDI including that of British Marine India, Atlas Equifin Ltd, Filtrex Technologies and IPsoft Netherland were rejected, a statement said.
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