“Based on the recommendations of (FIPB) at its meeting held on October 19, 2015, the government has approved four proposals of Foreign Direct Investment (FDI) amounting to Rs 384.45 crore,” it said in a statement.
Meanwhile, the Finance Ministry said the government has cleared four FDI proposals worth Rs. 384 crore, including that of pharma firm Lupin.
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 to 49 per cent from 26 per cent was also cleared at the October 19 meeting.
Besides, proposals of Edu-care Pharmaceuticals and Hanon Systems were cleared at the FIPB meeting.
However, the Board deferred five FDI proposals, including those of telecom sector firm Fire-Fly Networks Ltd.