New Delhi: The Finance Ministry on Friday said it has cleared 15 FDI applications, including that of Panacea Biotech and Sanofi-Synthelabo (India), and recommended HDFC Bank's proposal to hike foreign holding to the Cabinet for consideration.
The proposals were cleared by Foreign Investment Promotion Board (FIPB) headed by the Economic Affairs Secretary in its meeting held earlier this month.
The Ministry said HDFC Bank had sought approval for maintaining the permissible foreign holding in the bank up to 74 percent of the total paid up capital, out of which the FII sub-limit would be 49 percent and the balance 25 percent would be foreign direct investment (FDI).
"...(the) proposal has been recommended for the consideration of CCEA, as the investment involved in the proposals is above Rs 1,200 crore," it said.
It further said Panacea Biotech Limited has got the government's nod for issuance of equity shares to Qualified Institutional Buyers (QIBs) through proposed qualified institutional placement. Proposal of the Delhi-based listed pharmaceutical firm entails investment of Rs 250 crore.
The FIPB cleared the Rs 90-crore proposal of Sanofi-Synthelabo (India), a wholly owned subsidiary of Sanofi S.A., France.
It had sought approval for additional foreign investment of Rs 90 crore from its parent company and inter-corporate loan from another Indian incorporated Sanofi Group company to acquire 20 percent equity in Apollo Sugar Clinics, Mumbai- a company engaged in providing healthcare clinical services.
A Rs 184-crore investment proposal of GETIT Infoservices too has been approved. The permission was given to increasing foreign equity participation in its share capital from present 96.266 percent to up to 100 percent.
The FIPB also rejected proposals of Quikjet Cargo Airlines, Bangalore and Phil Arthur Bedford, Dubai.
Meanwhile, the Board deferred decision on seven proposals, including of Holcim (India) and Augere Wireless Broadband India Pvt Ltd.
