Government clears 19 FDI proposals
There is some good news for India’s entertainment and other industries as the government has cleared 19 foreign investment proposals, including that of Walt Disney Company and Reckitt Benckiser (India). This will pump in a total investment of Rs 2,326.72 crore into the Indian economy.
However the government has not only cleared the FDI proposals, it has rejected a few proposals too. In addition to MCX’s (Merchant Customer Exchange) proposal, the FIPB (Foreign Investment Promotion board) also rejected foreign investment applications of George Institute for Global Health (Hyderabad), BIESSE Manufacturing Company (Bangalore) and three others.
The Finance Ministry further declared that the decision on seven FDI proposals has been deferred. These include proposal of Ahlcon Parenterals (India) (pharmaceutical sector), Indian Rotorcraft Ltd (defence) and UBM Medica India (print media).
Reckitt Benckise (India) has got permission to acquire 23.72 % paid up share capital of Reckitt Benckiser Healthcare India Limited from its foreign investors Reckitt Benckiser (Singapore) Pte Ltd, Singapore. The proposal entails investment of Rs 725 crore which is expected to give a boost to the FMCG sector.
The other investment proposals cleared are that of TTK Protective Devices (Chennai), BNP Paribas India Holding, Pfizer Limited (Mumbai), News Laundry Media, J2 Global Ireland, Morgan Stanley Global Services Mauritius (Mauritius) and Brightstar Infrastructure (Mumbai).
Source- Financial Chronicle
Budget 2014, FDI proposal, FDI proposals, foreign direct investment proposals, Foreign investment, macro economics, NDA government, Pfizer Limited, Walt Disney Company
