Govt clears 25 FDI proposals worth Rs. 1,546.12 crore

The Gov­ern­ment has cleared 25 For­eign Direct Invest­ment pro­pos­als worth ₹1,546.12 crore which includes six relat­ed to sin­gle brand retail trade.

The Finance Min­istry, which gave the approvals based on rec­om­men­da­tions made by the For­eign Invest­ment Pro­mo­tion Board, also cleared two pro­pos­als in the mul­ti-brand retail trade cat­e­go­ry by Flemin­go Inter­na­tion­al and US-based Mia­mi Per­fume Junc­tion. Both pro­posed to invest in duty free shops and for sell­ing duty-free goods inside airplanes.

It for­ward­ed a pro­pos­al in the phar­ma­ceu­ti­cal sec­tor from Med­ere­ich Lim­it­ed amount­ing to ₹1,800 crore to the Cab­i­net Com­mit­tee on Eco­nom­ic Affairs as all FDI pro­pos­als over ₹1,200 crore have to be rout­ed through it.

Three phar­ma sec­tor appli­ca­tions, includ­ing a ₹600-crore pro­pos­al of Lau­rus Labs, have also been cleared.

The sin­gle brand retail trad­ing pro­pos­als which have been cleared include ones from Lush Ltd, UK, Aus­tria Puma Dassier Gesellchaft m.b.H, Aus­tria, and Best­seller Unit­ed (Sin­ga­pore) Pte Ltd, Singapore.

Cour­tesy : Busi­ness Line