Govt approves three pharma FDI proposals worth Rs. 60.73 crore

Posted on:19 May 2016 14:42:41

Govt approves three pharma FDI proposals worth Rs. 60.73 crore
19 May 2016 Current Affairs GK: 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.

Gk Current Affairs April 2017

26 APRIL
NEWS
25 APRIL
NEWS
24 APRIL
NEWS
22 APRIL
NEWS

Gk Current Affairs March 2017

31 MARCH
NEWS
30 MARCH
NEWS
29 MARCH
NEWS
28 MARCH
NEWS

Gk Current Affairs February 2017

28 FEBRUARY
NEWS
27 FEBRUARY
NEWS
25 FEBRUARY
NEWS
24 FEBRUARY
NEWS




Get Daily Current Affairs to your Email

You can Unsubscribe us at any time.

Get Daily Current Affairs to your Email

You can Unsubscribe us at any time.