New Delhi, Feb 27: The Uniongovernment on Tuesday cleared 23 foreign direct investment (FDI) proposalsworth Rs 308 crore including a Rs 138 crore proposal of Orchid Chemicals andPharmaceuticals Ltd for manufacture of bulk drugs.The Orchid Chemcials Pharmaceuticals Ltd proposal involves issue of ForeignCurrency Convertible Bonds (FCCBs) for setting up of a manufacturing basefor bulk drugs. A Rs 32.2 crore proposal of Lexmark Asia Pacific CorporationInc for setting up after-sales services for printers and printing solutionsand software design and development centres has also been cleared by theForeign Investment Promotion Board (FIPB).
The 23 FDI proposals, cleared by commerce and industry minister MurasoliMaran, cover bulk drugs, chemicals, printing, NBFC activities, processedfood, software development, cargo handling, sports and entertainment,textiles, waste water treatment and engineering products. BhartiTele-Ventures' proposal to amend the existing fixed capital was alsoapproved.
However, the proposal does not involve any fresh inflow of capital. Otherapprovals include Rs 34.2 crore equity swap proposal of HinditronInformatics (Mindtek India) for software development, services andconsultancy.
Deutsche Asia Pacific's Rs 23 crore proposal, involving 75 per cent equityinflow from the Singapore-based company, for providing asset managementservices to mutual funds and a venture capital fund was also approved.
(PTI)
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