The government Thursday approved 11 foreign direct investment (FDI) proposals totalling approximately Rs.1,075.91 crore.
"Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on Feb 4, government has approved 11 proposals of FDI," the finance ministry was quoted in a statement.
Major chunk of the investment approved belongs to pharmaceutical company SeQuent Scientific's proposal for FDI totalling Rs.400 crore.
Another major FDI proposal worth Rs.371 crore from BLP Wind Assets Holding was approved for setting up a joint venture firm for making downstream investments in the renewable energy sector.
The government deferred 12 plans and rejected nine proposals.
The statement added that two proposals from Aurobindo Pharma and Glenmark Pharmaceuticals each have been recommended for consideration of the CCEA (Cabinet Committee of Economic Affairs), as the investment involved in each of the proposal is above Rs.1,200 crore.
