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