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FIPB clears 4 FDI proposals worth Rs 384.45 Cr

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On the sidelines of meeting held on October 19, 2015 Foreign Investment Proposal Board (FIPB), headed by Economic Affairs Secretary Shaktikanta Das has approved 4 FDI proposals amounting to Rs 384.45 crore.

  • With the approval of 4 proposals, FIPB has also rejected 5 proposals and 4 proposals have been deferred.FIPB clears 4 FDI proposals worth Rs 384.45 CrApproved proposals

Defence Sector
BF Elbit Advanced Systems – Rs 37.8-crore proposal for increasing foreign shareholding to 49% from 26%.

Pharma sector
Eucare Pharmaceuticals – Rs 15 crore proposal for foreign investment upto 33%.
Lupin – Rs 331.64 crore (Include Rs. 108.23 crore Pre- June, 2015 ESOPs) for issue of fresh ESOPs* to non-resident employees.
* Employee stock ownership plan

Manufacturing Sector
Hanon Systems – Rs 0.01 crore approval for the purchase of 10,000 equity shares.

Deferred Proposals

  • Telecom sector firm – FireFly Networks Ltd.
  • Defence sector firms – Quantum Simulators Pvt Ltd and Rolta Meprolight Pvt Ltd.
  • Pharma Sector – SeQuent Scientific Limited
  • LLP (Limited liability partnership) – Diarough Far East Holdings Pte Ltd of Singapore

Rejected Proposals

  • Alternative investment funds (AIF) – Franklin Templeton Asset Management (lndia) Pvt Ltd
  • Telecom Sector – Reliance Globalcom Ltd
  • LLP (Limited liability partnership) – Jeet Parikh
  • Hospitality Sector – Barefoot Resorts and Leisure lndiaPvt Ltd