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Govt clears FDI worth Rs1,287 crore; Ikea proposal still on hold news
15 January 2013

The government today cleared four FDI proposals worth about Rs1,287 crore, even as it continued to keep on hold Swedish furniture major IKEA's proposal for setting up cafeterias in its retail outlets.

"Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on December 31, 2012, the central government has approved four proposals of Foreign Direct Investment (FDI) amounting to Rs1,286.75 crore approximately," the statement said.

The four foreign investment proposals cleared by the government after clearance by the Foreign Investment Promotion Board (FIPB) included Hospira Healthcare's plan to induct Rs1,194.75 crore foreign equity to acquire manufacturing facilities in pharmaceuticals sector.

The Foreign Investment Promotion Board (FIPB), headed by economic affairs secretary Arvind Mayaram, also approved a proposal by Mumbai-based Perrigo API for foreign investment worth Rs55 crore in a project to manufacture pharma inputs.

The board also cleared Kolkata-based Pran Beverages proposal for additional foreign equity worth Rs30.25 crore for manufacturing beverages.

Telecommunications firm InterCall Asia Pacific Holdings' proposal worth Rs6.75 crore to set up a wholly-owned subsidiary also got FIPB clearance.

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Govt clears FDI worth Rs1,287 crore; Ikea proposal still on hold