Govt clears 12 FDI proposals worth Rs 707 crore

The government has cleared 12 FDI proposals, including the ones by UK's footwear chain Pavers England and America's oldest clothing retailer Brooks Brothers, that envisage a total investment of Rs 706.66 crore.

The Foreign Investment Promotion Board (FIPB) in its meeting on October 19 gave its approval for induction of foreign equity worth Rs 98.26 crore by Pavers to carry out the business of single brand retail trading, a finance ministry statement said.

Permission is also given to Brooks Brothers to invest Rs 6.22 crore in its recently announced 51:49 joint venture with Reliance Brands, a unit of Reliance Industries. The proposal of Adcock Ingram Healthcare Ltd's for Rs 480 crore foreign equity investment to carry out the business of maintaining transactional support offices and proposed pharmaceutical manufacturing was also approved by the board.

The proposals cleared include the one by Larsen & Toubro for foreign equity in group company engaged in the defence sector. Another proposal of Italian jewellery brand Damiani to set up a 51:49 joint venture with Mehta's Pvt Ltd also got the approval. Damiani would bring in Rs 35 lakhs worth equity.

The FIPB, headed by Economic Affairs Secretary Arvind Mayaram, also approved PVR Leisure Ltd's proposal to induct Rs 50.10 crore foreign equity in an investing company. Besides, pharma firm Premier Medical Corporation's Rs 54.28 crore proposal was also approved by the FIPB. The FIPB, however, deferred 19 FDI proposals and also rejected five.