Govt clears 3 FDI proposals

The government on Wednesday cleared three Foreign Direct Investment (FDI) proposals worth Rs 0.35 crore. "Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 239th meeting held on 30th August 2016, the Government of India has approved three FDI proposals," the Ministry of Finance said in a statement.

According to the statement, proposals of Dr. Willmar Schwabe India, SAET India and Bugworks Research India were approved. The FIPB in its meeting held on August 30, approved the proposal of Dr. Willmar Schwabe India to commence manufacturing and distribution of dietary supplement products and nutraceuticals manufactured in India by way of retail or wholesale among others. The proposal of SAET India to transfer shares from one non-resident to another non-resident for Rs 732.6 per share was also approved, reports IANS.

The statement further said that seven proposals including those of Rain Industries, Entrepreneur India Media, Bashundhara Paper Mills India, BNP Paribas Asset Management India, Whizdm Innovations, TM Harbour Services and Sharekhan were deferred. "Regarding the proposal of M/S Almondz Insurance Brokers Pvt Ltd which was approved in the 232nd meeting held on 7th March 2016 subject to submission of an amended Share Purchase Agreement, the Board noted that the applicant had submitted the amended Share Purchase Agreement /Shareholders' Agreement after deleting the requisite clauses, and accordingly, recommended the increased FDI upto Rs.59 crore for approval," the statement added.