"Based on the recommendations of FIPB in its meeting held on December 21, government has approved 14 proposals of foreign direct investment amounting to Rs 1,310.60 crore (Rs 13.1 billion) approximately," the Finance Ministry said in a statement.
The proposal of Mumbai-based Hindustan Port Ltd to induct foreign funds worth Rs 440 crore (Rs 4.4 billion) for investment in downstream companies was among those cleared by FIPB.
The Foreign Investment Promotion Board, headed by Economic Affairs Secretary Arvind Mayaram, has also allowed pharma firm Aanhaneya Lifecare to raise funds worth Rs 405 crore through issue of foreign currency convertible bonds.
Besides, the board has allowed Bengaluru-based Syngene International to induct foreign equity of Rs 125 crore (Rs 1.25 billion).
US-based Gavis Pharma LLC can also invest Rs 73.75 crore (Rs 737.5 million)
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