The government has approved 22 foreign direct investment (FDI) proposals worth R586.137. These proposals were approved based on recommendations of Foreign Investment Promotion Board (FIPB) in its meeting on March 30, 2012, finance ministry said in a statement on Friday.
The largest project to be approved is that of Shantha Biotechnics of R514 crore FDI to increase its foreign equity in the brownfield pharmaceutical sector. This would enable the pharma company to carry out the activities of research, development, manufacturing and marketing of recombinant-DNA based bio-tech products and other bio-generics.
It also cleared Mahindra and Mahindra?s R25.99 crore proposal for setting up a joint venture company to develop, manufacture and provide service support for radar systems and various kinds of defence electronic systems. Ashok Leyland Defence Systems? R10 crore FDI proposal to undertake defence related activities has also been cleared.
Bhushan Steel Limited R8.17 crore FDI proposal, to undertake a rights issue of equity shares to the existing equity shareholders of the company, including NRIs, on rights basis on a partly paid up basis, has been approved.
The government also allowed Springer Editorial Services? R12.87 crore proposal to increase foreign equity up to 100% for publishing services, content, development, content management and content outsourcing among others.