December 2016 Current Affairs

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Govt approves three pharma FDI proposals worth Rs. 60.73 crore

Govt approves three pharma FDI proposals worth Rs. 60.73 crore
19 May 2016 Current Affairs: The Government has approved three foreign direct investment proposals, all related to the pharmaceutical sector, worth Rs 60.73 crore.

Axis Bank’s FDI proposal worth Rs 12,973.14 crore to increase foreign investment by FIIs / NRIs/ FPIs / ADRs / GDRs from 62 per cent to 74 per cent has been referred to the Cabinet Committee on Economic Affairs (CCEA). This is in line with the government's decision to refer all FDI proposals above Rs 5,000 crore to the CCEA.

Eight proposals including those from Macmillan Publishers, UK, JCB International, Janalakshmi Financial Services and Fans Asia have been deferred, while a proposal by Rafique Dawood in the manufacturing sector has been rejected, an official release circulated on Wednesday stated.

The decisions have been taken based on the recommendations made by the FIPB at its meeting of April 29.

The highest FDI proposal of the three pharmaceutical companies which got the nod was from Advanced Enzyme Technologies. The company sought approval for investment proposed to be made by FIIs / NRIs / FPIs / QFIs / AIF/FVCIs pursuant to fresh issue of and offer for sale of 44,73,470 equity shares by certain NRIs and resident shareholders worth Rs. 60 crore.

The other two companies whose proposals were approved include Wockhardt, which asked for post facto approval for issuance of ESOPs to its two NRI employees, and Aurobindo Pharma which sought clarification and approval regarding grant of ESOPs to a non-resident employee.


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
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25 NOV
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24 NOV
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October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
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25 AUG
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