FIPB clears 6 FDI proposals worth Rs 1,187 cr

Inter-ministerial body FIPB approved six investment proposals, including that of Sanofi Synthelabo India, Star Den Media Services and Idea Cellular Infrastructure Services, envisaging foreign investments of Rs 1,186.5 crore. Of the total, Recipharm Participation BV of Netherlands alone will bring in investment of Rs 950 crore. The company had sought approval for 100 percent foreign direct investment in a proposed Recipharm Group Indian Investing Company through which it will completely acquire in an existing pharmaceutical manufacturing company Dagny Pharma. The Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Shaktikanta Das also gave nod to the proposals of Boehringer Ingelheim India Pvt Ltd and A Menarini India Pvt Ltd entailing investment of Rs 156.5 crore and Rs 80 crore respectively. The panel rejected three proposals, including that of AMP Solar India Pvt Ltd. Six proposals were deferred for further consultation and want of more information, sources added. Some of the proposals which were deferred were those of Crest Premedia Solutions Pvt Ltd, You Broadband India and Scientific Publishing Services Pvt Ltd. India allows FDI in most sectors through the automatic route, but in certain segments considered sensitive for the economy and security, the proposals have to be first cleared by FIPB. The government has taken a slew of measures in the recent past to boost foreign direct investment into the country. With growth in FDI in important sectors like services and manufacturing, overall foreign inflows in the country rose by 30 percent to USD 21.62 billion during the first half of 2016-17. During the April-October period of the current fiscal FDI grew by over 27 percent to USD 27.82 billion as against USD 21.87 billion same period a year ago. FDI in India grew by 29 percent to USD 40 billion in 2015-16 as against USD 30.94 billion in the previous financial year.