The Indian government has cleared 16 Foreign Direct Investment (FDI) proposals, including those of Beacon’s unit Syngene, Torrent Pharmaceuticals and Star India Private Ltd, which amounted to Rs 6,750.86 crore (worth over $ 1 billion).
According to a statement issued by the Finance Ministry, the proposals were based on the recommendations of Foreign Investment Promotion Board (FIPB).
All proposals were cleared during the FIPB meeting held in New Delhi on May 28. During the meeting, 21 proposals were deferred and six others were rejected.
For Syngene International, the government’s investment approval meant that the company could now increase FII investment rate to 44 per cent from its existing 10 per cent by initial public offering of equity shares to FIIs, FPIs and NRIs.
Torrent Pharmaceuticals can now increase foreign investment to 35 per cent from its existing 13.09 per cent.
Star India Private Limited has been given approval to merge with another Indian company engaged in broadcasting sector on a slump sale basis. The company can also engage in further issuance and transfer of shares to its foreign collaborator.
- India Writes Network (www.indiawrites.org) is an emerging think tank and a media-publishing company focused on international affairs & the India Story. A venture of TGII Media Private Limited, a leading media, publishing and consultancy company, IWN has carved a niche for balanced and exhaustive reporting and analysis of international affairs. Eminent personalities, politicians, diplomats, authors, strategy gurus and news-makers have contributed to India Writes Network, as also “India and the World,” a magazine focused on global affairs. The Global Insights India (TGII) is the research arm of India Writes Network. To subscribe to India and the World, write to firstname.lastname@example.org
- Diplomacy2021.02.24India at forefront of global action against terrorism: Jaishankar at UNHRC
- India and the World2021.02.23India-Japan collaboration in the North-East region
- Diplomacy2021.02.22PM Morrison reaches out to India amid Australia v/s Facebook tussle
- India and the World2021.02.18Forging closer India-EU partnership in Indo-Pacific