Govt approves 7 FDI proposals worth Rs 517.57 cr.

The Centre has approved seven foreign direct investment (FDI) proposals worth ₹ 517.57 crore which includes ones from Helix Investment Holding, Alchymers ICM, Prime Living and Gulf Quarry.

Five proposals for FDI, including ones from Indian Rotorcraft Ltd (IRL), a joint venture of Tata Sons and AgustaWestland NV, Netherlands and from Sharekhan, have been deferred, while three others have been rejected.

The decision has been taken based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 233rd meeting on April 8, according to an official release circulated on Monday.

The largest FDI proposal to be cleared was from Singapore-based Helix Investment Holding in the pharmaceutical sector worth ₹ 475.31 crore. The company sought approval to invest 20 per cent in the equity of Concord Biotech Limited by subscribing to equity shares and purchasing equity shares from existing shareholders.

Alchymars ICM SM Pvt Ltd’s proposal worth ₹ 22.3 crore for increasing foreign equity participation from 57.15 per cent to 100 per cent by way of transfer of equity shares from resident shareholder to M/s Gen Phar Pro Investments (GB) Limited, a UK company, by amending earlier approvals, also got the green signal.

Prime Livings’s proposal worth Rs. 3.43 crore in the construction sector seeking post facto approval for the issuance of 10,56,938 equity shares at issue price of Rs. 32.50 was also cleared.

Other proposals that were cleared include ones from Jupiter Corporate Services Ltd in the defence sector, Elite Screens lndia Pvt Ltd in warehousing, One Market India LLP in limited liability partnership and Gulf Quarry General Trading FZC in manufacturing.

Two of the deferred proposals are in the defence sector-one from Menon Bearings Ltd seeking approval to enter defence production and the other from lndian Rotorcraft Ltd seeking post-facto approval for the increased FDI inflow of Rs. 19.64 crores as against the approved FDI inflow of Rs. 17.6 crores in 2011.

It also sought post-facto approval for change of the foreign investor from AgustaWestland S.p.A, Italy to Finmeccanica S.p.A by way of merger of AgustaWestland S.p.A, Italy into Finmeccanica S.p.A.

Other deferred proposals are from Ordain Health Care Global Pvt Ltd in the pharmaceutical sector, Tikona Digital Networks Pvt Ltd in the telecom sector and Sharekhan Ltd in the NBFC sector.

The rejected proposals are from Malladi Drugs and Pharmaceuticals Ltd in the pharmaceuticals sector, Athena Chhattisgarh Power Limited in the power sector and Mount Kailash Shipping Pvt Ltd in the shipping sector.

HBL