The Union Ministry of Finance has approved a Foreign Direct Investment proposal for increase in foreign equity by way of acquisition of shares from the existing shareholders and also transfer of shares by way of share swap in the Hyderabad based Shantha Biotechnics with an inflow of Rs 17 million.
Another proposal involving an inflow of Rs 30 million from a Canada-based NRI has been approved in favour of the New-Delhi based International Speciality Ingredients which is involved in manufacture of pharmaceutical formulations in various dosage forms of liquid external and oral, ointments and injectable vials.
The Union Finance Minister, P Chidambaram has approved fresh Foreign Direct Investment proposals recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on October 20, 2006.
The Government has undertaken a comprehensive review of Foreign Direct Investment Policy and associated procedures in February, 2006. As a result, a number of rationalisation measures have been undertaken which include dispensing with the need of multiple approvals from Government and / or regulatory agencies that exist in certain sectors, extending the automatic route to more sectors and allowing FDI in new sectors.