Finance Ministry clears 15 FDI proposals worth over Rs 2,000 crore

Finance Ministry clears 15 FDI proposals worth over Rs 2,000 croreThe Union Finance Ministry on Friday announced that it had approved 15 FDI proposals worth more than Rs 2,000 crore and recommended two FDI proposals for final Cabinet clearance.

The Foreign Investment Promotion Board (FIPB) had cleared the 15 FDI proposals on 27th of August this year.

The list of proposals cleared by the finance ministry includes that of Singapore’s Jubilant Pharma Pte (Rs 1,145.10 crore), Advanced Enzyme Technologies (Rs 200 crore), Lotus Surgical Specialities (Rs 150 crore), and Symbiotec Pharmalab (Rs 306.19 crore).

The two FDI proposals recommended for final Cabinet clearance are that of IDFC Trustee Co and American drug maker Mylan Inc’s.

Ammouncing the development, the ministry said, “In addition, two proposals, namely, IDFC Trustee Company Ltd., as proposed Trustee for India Infrastructure Fund II, Mumbai, and Mylan Inc. U. S. amounting to Rs. 10,668 crore, have been recommended for consideration of Cabinet Committee on Economic Affairs.”

IDFC Trustee Co’s proposal to establish an Alternate Investment Fund (AIF) category I involves foreign investment inflow worth Rs 5,500 crore; while Pennsylvania-based Mylan’s proposal to acquire Strides Arcolab Bangalore-based subsidiary Agila Specialties Pvt. Ltd. involves FDI worth Rs 5,168 crore.