Business, Economy, Web 360

India clears 12 FDI proposals

Claris Otsuka, Promod among those to get the nod.

By American Bazaar Staff

NEW DELHI: The Government has approved 12 FDI proposals worth Rs. 2,609 crore including ones by pharmaceutical company Claris Otsuka, French fashion brand Promod and sports goods major decathlon.

“Based on the recommendations of Foreign Investment Promotion Board in its meeting held on February 13, Government has approved 12 proposals of foreign direct investment amounting to Rs 2,609.27 crore approximately,” the Finance Ministry said in a statement, reported the Business Line.

Ahmedabad-based Claris Otsuka, joint venture between Indian pharma company Claris Lifesciences and Japanese company Otsuka Pharma, got approval to hive off its Infusions business into a new joint venture with FDI worth Rs 1,050 crore.

The FIPB, headed by Economics Affairs Secretary Arvind Mayaram, also cleared proposals by US-based high-end accessories company Fossil and cookware seller Le Creuset.

French company Decathlon proposes to bring in FDI worth Rs 700 crore, followed by Promod which plans to invest Rs 30 crore and Fossil Inc.’s that plans to infuse Rs 22 crore, said the report.

The board also cleared Mumbai-based Glynwed Pipe Systems’ proposal to receive foreign investment worth Rs 800 crore for making downstream investment.

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