Govt approves 16 FDI approvals worth Rs 794.37 cr

New Delhi, Oct 8 (UNI) The government today approved 16 Foreign Direct Investment (FDI) proposals worth Rs 794.37 crore, including the Rs 16 crore proposal of Japan's Astellas Pharma to set up a wholly owned subsidiary to carry out sales and marketing of its pharmaceutical products in the country.

It also approved the Rs 590 crore proposal of Mumbai-based Asia Motorworks Holding Ltd for induction of foreign equity, the proposals worth Rs 100 crore and Rs 50 crore of Bhaskar Exxoils Ltd and Cochin's DM Healthcare Pvt Ltd, respectively, for conversion of operating company into an operating cum holding company to make downstream investment.

Besides, proposals of Mumbai's Samson Maritime Ltd (Rs 25 crore), Kolkata's Rossell Tea Ltd (Rs 10.25 crore), Neha International Ltd (Rs 8.40 crore), Pune's Persistent Systems Ltd (Rs 4.97 crore), Delhi-based Sikora India Ltd, Hyderabad's Speck Systems Ltd and Fxlabs Studios Pvt Ltd, Mauritius's LMB Holding Ltd, Chandigarh's Recorder&Medical ystems Ltd, Mumbai's Luxury Brands Retail Pvt Ltd, Asianet Communication Ltd and Shalom Communications Ltd also got the government's nod.

Meanwhile, seven other proposals have been deferred. These includes the proposals of Germany's ZF Friendrichsafen AG, Mauritius' Yellowfin Holdings Ltd, Ahmedabad's Adani Power Ltd, Asset Reconstruction Company Ltd, Equant Network Services India Pvt Ltd, XCEL Telecom Pvt Ltd and Amar Ujala Publications Ltd.

The government has also rejected the proposal of Delhi-based Mahindra Defence Systems to set up joint venture company to develop, manufacture and provide through life service support for Land Systems defence equipment.

A proposal of Hyderabad's Krishnapatnam Port Company Ltd has been recommended for the consideration of CCEA, as the investment involved is above Rs 600 crore.

UNI SG AK AS1823