The Centre on Thursday approved five foreign investment proposals, which will result in an inflow of Rs 6,050 crore into the country.
The Centre on Thursday approved five foreign investment proposals, which will result in an inflow of Rs 6,050 crore into the country.
The biggest proposal was a Rs 5,000-crore plan of Cadila Healthcare for a fresh equity infusion. Cadila will infuse equity of up to Rs 5,000 crore through issue of shares through qualified institutional placement for expansion.
The other major proposal, which was appro-ved, related to Recip-harm Participation BV for incorporating a wholly-owned subsidi-ary (WoS) in India. The pharma firm’s proposal worth Rs 1,050 crore also included the WoS buying out promoter stake in Nitin Lifesciences and increasing foreign equity to 74 per cent.
It has also approved Buimerc Core Investm-ents Pvt Ltd’s proposal for transferring of 100 per cent equity shares of NRI investors and resident investors to Buimerc Corporation FZE. The proposal involves '10 lakh of foreign direct investment.
The government approved these FDI investment proposals based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on December 21.
