FIPB clears four FDI proposals worth Rs 384 crore

NEW DELHI: The Foreign Investment Promotion Board ( FIPB) has cleared four FDI proposals worth Rs 384 crore including that of pharma firm Lupin.

"Based on the recommendations of FIPB in its meeting held on October 19, 2015, the Government has approved four proposals of Foreign Direct Investment (FDI) amounting to Rs 384.45 crore," a Finance Ministry statement said.

The proposal of Lupin pertained to grant of ESoPs to non-resident employees of the company amounting to Rs 331.64 crore.

BF Elbit Advanced Systems' Rs 37.8 crore proposal for increasing foreign shareholding from 26 per cent to 49 per cent was also cleared.

Besides, proposals of Eucare Pharmaceuticals and Hanon Systems were cleared by the meeting of FIPB, which is chaired by Economic Affairs Secretary Shaktikanta Das.

However, the Board deferred five FDI proposals including that of telecom sector firm FireFly Networks Ltd.

Also the proposals relating to defence sector -- Quantum Simulators Pvt Ltd, RoltaMeprolightPvt Ltd and Singapore-based LLP Diarough Far East Holdings Pte Ltd were deferred.

The FIPB also rejected four proposals including that of Reliance Globalcom Ltd, Barefoot Resorts and Leisure lndia and Franklin Templeton Asset Management.