8 FDI Proposals Worth Rs 35 Crore Gets Govt’s Nod

The central government has approved eight foreign direct investment (FDI) proposals worth Rs 34.77 crore. “Based on the recommendations of Foreign Investment Promotion Board (FIPB)...government has approved eight proposals of foreign direct investment amounting to Rs.34.77 crore approximately,” revealed an official release.

UK-based CSC Computer Sciences International Operations had asked for the government’s approval to set up a limited liability partnership (LLP) worth Rs 30 crore. Proposals of Mahanagar Gas Limited, Medicamen Biotech Ltd, TutorVista Global Private Ltd, Ventura (India) Pvt Ltd, Syssmart Services LLP and Mahindra CIE Automotive Ltd also the government’s clearance.

“In the FIPB meeting, a proposal relating to Lupin Ltd was recommended for consideration of Cabinet Committee on Economic Affairs (CCEA) as the investment involved was above Rs1,200 crore,” the release stated. Decision on as many as 12 proposals, including Syngene International Ltd, India Value Fund IV, SME Capital Market Corporation, SNC-Lavalin Mauritius Ltd and Verint Systems (India) Pvt Ltd, were put off.