Indian Government Clears Foreign Direct Investment Proposals of Lupin, Alkem Lab

The Indian government has cleared 14 foreign investment proposals, including that of Lupin Ltd and Alkem Laboratories Ltd.

The Foreign Investment Promotion Board (FIPB), chaired by Economic Affairs Secretary Shaktikanta Das, in its meeting considered 14 foreign direct investment (FDI) proposals for approval.

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Sources said the proposal of Alkem Laboratories was approved under the automatic route.

Besides, proposals of Hanon System of South Korea, BF Elbit Advanced Systems and Eucare Pharmaceuticals were also approved by the board.

However, the board rejected the proposal of Reliance Globalcom Ltd, sources said.

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The FIPB is an agency of the government, with the remit to consider and recommend foreign direct investment (FDI) which does not come under the automatic route. The agency provides a single window clearance for proposals on FDI in India.

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We are seriously considering facilitative provisions for pharma and drugs industry, said the principal secretary of the state industrial development department.

Source-PTI

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