Baxter Pharma gets nod for Rs4,020cr FDI in Claris Injectables

Inter-ministerial panel FIPB has approved four FDI proposals, including Baxter Pharmaceutical's equity investment of Rs 4,020 crore in Claris Injectables.

Baxter Pharmaceutical (Asia) Pte Singapore had sought approval to equity investment of Rs 4,020 crore in Claris Injectables by way of purchase of existing shares held by Claris Lifesciences and subscription to fresh equity shares, the Finance Ministry said in a statement issued today.

The FIPB in its 245th meeting held on April 17, 2017, also approved an FDI proposal of Vodafone Mobile Services.

This could probably be the last meeting of the FIPB as Uninon Cabinet earlier this month approved winding up of the board.

The FIPB, headed by Economic Affairs Secretary Shaktikanta Das, defered four proposals including that of Bluetown (India) Private Limited and Huiyuda Technology India Private Limited.

Last week, the Cabinbet scrapped the 25-year old foreign investment advisory body FIPB as it looks to attract more FDI by providing quick approvals under a single-window clearance system.

Now the approvals would be handled independently by administrative ministries of different sectors.

The FIPB was set up after India embarked on its first market reforms in 1991. It was initially constituted under the Prime Minister's Office and subsequently shifted under the Department of Economic Affairs in the Ministry of Finance.

In two previous tranches of FDI liberalisation, the BJP- led government has already ensured that more than 90 per cent of total FDI inflows are now through the automatic route.

Also, the FIPB has put in place e-filing and online processing of FDI applications.

The DIPP will also issue the Standard Operating Procedure (SOP) for processing of applications and decision of the government under the extant FDI policy.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)