8 FDI proposals for Rs 1,842 cr OK'd: Govt

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The approvals included FDI inflow to Pfizer Ltd, Mumbai for Rs 800 crore. (Reuters) The approvals included FDI inflow to Pfizer Ltd, Mumbai for Rs 800 crore. (Reuters)
SummaryThe approvals included FDI inflow to Pfizer Ltd, Mumbai for Rs 800 crore.

The government today said a total of eight proposals amounting to Rs 1,842.55 crore relating to foreign direct investment (FDI) in brownfield pharmaceutical sector were approved in August this year.

"In the Foreign Investment Promotion Board (FIPB) meeting held on August 24, 2012,... eight proposals amounting to Rs 1,842.55 crore relating to FDI in brownfield pharmaceutical sector were approved," Minister of State for Chemicals and Fertilisers Srikant Kumar Jena said in a written reply to the Lok Sabha.

The approvals included FDI inflow to Pfizer Ltd, Mumbai for Rs 800 crore, Arch Pharmalabs Ltd, Mumbai for Rs 372.36 crore, B Braun Singapore Pte Ltd for approximately Rs 248.40 crore and Sutures India Pvt Ltd for Rs 200 crore, he added.    

The other proposals approved were from Stellence Pharmascience Pvt Ltd for Rs 100 crore, Ordain Health Care Global Pvt Ltd, Chennai for Rs 58.85 crore, Zim Laboratories Ltd, Nagpur for Rs 50.44 crore and Vyome Biosciences Pvt Ltd, Delhi for Rs 12.50 crore, Jena said.

In a separate reply, the minister, citing DIPP note, said: "FDI up to 100 per cent would be permitted for brownfield investment, i.e. investments in existing companies, in the pharmaceuticals sector under the Government approval route".

As per the Department of Industrial Policy and Promotion, the nodal department for FDI, foreign investments up to 100 per cent under the automatic route would continue to be permitted for green field investments in the sector.

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