04 Sep 2013, BioSpectrum Bureau , BioSpectrum
Singapore: Providing a final nod to 17 Foreign Direct Investment (FDI) proposals in India across various sectors, the country's Foreign Investment Promotion Board (FIPB) has provided the approvals.
Singapore-based Fresenius Kabi received the FIPB approval to acquire shares of its Indian subsidiary, which will be delisted. Fresenius Kabi plans to bring in $52.02 million (Rs 349.03 crore).
Other pharma projects that have been approved include that of Calyx Chemicals and Pharmaceuticals worth $29.81 million (Rs 200 crore), Smith & Nephew, Singapore, worth $21.2 million (Rs 142.29 crore) and Celon Laboratories, India, worth $1.87 million (Rs 12.55 crore).
"Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on July 29, government has approved 17 proposals of FDI amounting to $0.14 billion (Rs 992.61 crore) approximately," India's Finance Ministry said in a statement.
The FDI clearances that were approved by the government are totally worth $146.02 million across sectors.