Based on the recommendations of Foreign Investment Promotion Board (FIPB), the Indian government has approved 25 Foreign Direct Investment (FDI) proposals amounting to around Rs.1,546.12 crore, which includes six related to single brand retail trade.
The Finance Ministry also cleared two proposals in the multi-brand retail trade category by Flemingo International and US-based Miami Perfume Junction. Both proposed to invest in duty free shops and for selling duty-free goods inside airplanes.
Three pharma sector applications, including a Rs.600 crore proposal of Laurus Labs, have also been cleared.
The single brand retail trading proposals which have been cleared include ones from Lush Ltd., UK, Austria Puma Dassier Gesellchaft mbH, Austria, and Bestseller United (Singapore) Pte. Ltd., Singapore.
In addition, the proposal of pharma company Medereich Ltd. amounting to Rs.1,800 crore has been recommended for consideration to the Cabinet Committee on Economic Affairs (CCEA), as all FDI proposals over Rs.1,200 crore have to be routed through it.
The ministry has deferred the proposals of Indian Value Fund IV and Life Positive Pvt. Ltd. and rejected the proposal of Veritas (India) Ltd., Mumbai.
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