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Equitas Holdings among 20 FDI proposals worth ₹988 cr cleared [EMBIN (Emerging Markets Business Information News](EMBIN (Emerging Markets Business Information News) Via Acquire Media NewsEdge) The Government approved 20 Foreign Direct Investment proposals worth ₹988.3 crore and rejected five including Sistema Shyam Teleservices' bid to raise foreign stake holding in the company to 100 per cent. The decisions have been taken based on a meeting of the Foreign Investment Promotion Board (FIPB) on September 16. The proposals that have been approved include ones from investment companies Equitas Holdings Private Ltd, Tamil Nadu and Tara India Fund IV Trust, Mumbai of ₹325 crore and ₹305.63 crore respectively. US-based Amneal Pharmaceuticals Company Private Ltd's ₹205-crore proposal to acquire entire share capital of Epsilon through a share purchase agreement has been approved. Hyderabad-based Epsilon is engaged in trading of generic pharma products and is in the process of setting up formulation manufacturing facility. Another pharmaceutical company, Fresenius Kabi Oncology Ltd's proposal for issuance of equity shares worth ₹119 crore to increase foreign shareholding from 96.22 per cent to 96.483 per cent of its parent company has also been approved. A proposal by Bharati Shipyard Ltd, Mumbai, which already has Foreign Institutional Investment and NRI investments, to undertake additional defence activities, has been approved. Indusind Bank's proposal to increase foreign investment in IBL to 74 per cent with a specific request to grant post-facto approval for increase in foreign holding from 68.51 per cent to 72.07 per cent on June 30, 2014 has been approved. Proposals rejected The Government rejected a proposal of Sistema Shayam Tele Services Ltd, a joint venture between Russian telecom company Sistema and India's Shyam Group, of increasing FDI up to 100 per cent in the company and its downstream wholly owned subsidiary Shyam Internet Services Ltd. Four other proposals were rejected which include three in the pharmaceutical sector from BioMerieux India Private Ltd, Kusum Healthcare Private Ltd and HBM Private Equity India. A joint venture proposed by Indus Teqsite Private Ltd, Tamil Nadu, to be formed with 26 per cent FDI to undertake defence sector activities was also rejected. The Government deferred a decision on eight proposals. (c) 2014 EMBIN (Emerging Markets Business Information News) Provided by SyndiGate Media Inc. (Syndigate.info). |