The Union Ministry of Finance and Company Affairs has approved four pharma / health related foreign investment proposals recommended by the Foreign Investment Promotion Board (FIPB).

Following the clearance, M/s. Schutz & Co Beteiligungsgesellschaft mbH, Germany would now be able to pump in Rs 0.16 crore to its Indian subsidiary M/s. Scheutz & Co (India) Pvt Ltd for setting up exporting and marketing business of pharmaceutical and cosmetical ingredients, excepients, intermediates and preservatives worldwide from Thane. The percentage of FDI/NRI/OCB investment in this case is 80.

M/s. Battaerd Mansley Pty Ltd Australia is the second foreign company which received the clearance. The group, which has been allowed to invest Rs 0.01 crore for providing pharmaceutical promotion data, and consulting services and related services from Mumbai.

Quintiles Transitional, USA (through its subsidiary Quintiles Mauritius) is the third company that has received central clearance. The company is to invest in its Indian arm Quintiles Spectroal Ltd (QSL) Ahmedabad for conducting clinical research related business within the country.

Korea-Tex Engineering Co. Ltd Korea has been allowed to invest Rs 1.3 crore in Delhi based Polymers Private Limited for the manufacture of PSF Non-woven padding/wadding Health mattresses for domestic/export from. The plant is to be set up in Haryana.

On the whole, the ministry had cleared 52 proposals during the recent meeting. The approvals amount to around Rs.321 crore.