The Union government on 20 April 2012 approved 22 foreign direct investment (FDI) proposals, amounting to Rs.586.137 crore ($112.5 million). The proposals were cleared following recommendations made by the Foreign Investment Promotion Board (FIPB) at its meeting on 30 March 2012.
The government cleared Shantha Biotechnics' proposal of Rs.514 crore to increase its foreign equity in brownfield pharmaceutical sector in order to carry out the activities of research, development, manufacturing and marketing of bio-tech products and other bio-generics.
It also cleared Mahindra and Mahindra's Rs.25.99-crore proposal for setting up a joint venture company to develop, manufacture and provide service support for radar systems and various kinds of defence electronic systems. The government also allowed Springer Editorial Services' Rs.12.87-crore proposal to increase foreign equity up to 100 per cent.
The ministry deferred 18 proposals, including those of Tara Aerospace Systems, Al Shukur Company for Engineering and Construction and Ordain Health Care Global. The ministry also rejected five proposals, including those of Verga Attachments, Quest Global Manufacturing and YourNest Angel Fund Trust. A proposal of Nikit Investments was withdrawn from the agenda.
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