The Foreign Investment Promotion Board (FIPB) in its meeting held on August 24 had approved 21 FDI proposals, which include 8 proposals worth Rs 1,842.55 crore relating FDI in brownfield pharmaceutical sector, the Finance Ministry said in a statement.
The board, headed by Department of Economic Affairs Secretary Arvind Mayaram, cleared the proposal of Pfizer Ltd for "induction of foreign equity in an operating-cum-investing company to carry out the business in pharmaceutical sector" to the tune of Rs 800 crore.
Also Sterlite Networks, Dadar and Nagar Haveli, plan to bring in FDI worth Rs 500 crore for telecom business was cleared.
Further, Mumbai based Arch Pharmalabs' proposal for inducting Rs 372 crore of foreign investment for manufacture and sale of active pharmaceutical ingredients has been approved.
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