Government clears 12 FDI proposals worth Rs. 707 crore.

New Delhi: The government has cleared 12 FDI proposals, including the ones by UK's footwear chain Pavers England and America's oldest clothing retailer Brooks Brothers, that envisage a total investment of Rs. 706.66 crore.

The Foreign Investment Promotion Board (FIPB) in its meeting on October 19 gave its approval for induction of foreign equity worth Rs. 98.26 crore by Pavers to carry out the business of single brand retail trading, a Finance Ministry statement said.

Permission is also given to Brooks Brothers to invest Rs. 6.22 crore in its recently announced 51:49 joint venture with Reliance Brands, a unit of Reliance Industries.


The proposal of Adcock Ingram Healthcare Limited for Rs. 480 crore foreign equity investments to carry out the business of maintaining transactional support offices and proposed pharmaceutical manufacturing was also approved by the board.

The proposals cleared include the one by Larsen & Toubro for foreign equity in group company engaged in the defence sector.

Another proposal of Italian jewellery brand Damiani to set up a 51:49 joint venture with Mehta's Private Limited also got the approval. Damiani would bring in Rs. 35 lakhs worth equity.

The FIPB, headed by Economic Affairs Secretary Arvind Mayaram, also approved PVR Leisure Limited proposal to induct Rs. 50.10 crore foreign equity in an investing company.

Besides, pharma firm Premier Medical Corporation's Rs. 54.28 crore proposal was also approved by the FIPB.

The FIPB, however, deferred 19 FDI proposals and also rejected five.


Source : ndtv.com