The finance ministry on Friday approved about 15 foreign direct investment (FDI) proposals totalling more than Rs 2,000 crore.
The ministry said two FDI applications, including that of US drug major Mylan, were forwarded to the cabinet committee on economic affairs (CCEA) for final clearance.
The 15 proposals were cleared following recommendations by Foreign Investment Promotion Board (FIPB) on August 27. Proposals which have been cleared include that of Jubilant Pharma, Singapore, worth R1145.10 crore, Lotus Surgical Specialities, worth R150 crore, and Symbiotec Pharmalab worth R306.19 crore.
The ministry further said it has deferred decisions on 10 FDI proposals, including that of beverage giant Coca-Cola's India unit, and that of Australia Asia Resources. It allowed some defence proposals, including that by Eurocopter, Quest Global Defence, and an unit of Boeing, to access the automatic route.
Proposals by Mylan and IDFC have been recommended for the consideration of the CCEA, as the proposed investment in both cases is above R1,200 crore. US-based Mylan proposes to acquire Agila Specialties — a subsidiary of pharma firm Strides Arcolab. It involves FDI worth R5,168 crore.
IDFC Trustee Company has sought government approval to set up an alternate investment fund (AIF) category I and for receiving contributions from international investors. As per the ministry, the proposal involves FDI inflow worth R5,500 crore.