The Central Government on Monday approved 21 proposals of foreign direct investment (FDI) amounting to Rs 2.81 billion approximately. Earlier on April 30, Foreign Investment Promotion Board (FIPB) had recommended these proposals for approval the government.

La Renon Healthcare, Gujarat had sought permission foreign investments in brownfield pharmaceutical company. The government has allowed foreign investment of Rs 1 billion.
Blue Dart Express had sought approval for the acquisition of shares in Blue dart Aviation by way of purchase of shares from existing shareholders. It would increase the shareholding from 49% to 74%. The government has allowed foreign investment of Rs 528 million to Rs 690 million.

The government approved Montblanc Services Blank B.V, Netherlands to invest Rs 335.5 million to set up a joint venture company with Titan Company for undertaking single brand retailing of 'Montblanc' products. Montblanc will hold 51% stake, while Titan will hold remaining 49% stake in the JV company.

The proposal of Forever Living Imports (India) to undertake single brand retailing of 'Forever' brand products in India has been accepted by the government. It allowed Forever to invest Rs 183 million.

The government gave approval to Vivimed Labs for issuance of warrants worth Rs 157.50 million to a foreign investor.

At the same time, the government has deferred 12 proposals. The government deferred proposal of IIFL Holdings, a NBFC company, for increasing the foreign equity from 54.7% to 100% by way of issuing shares to FIIs. It deferred proposal of Kotak Mahindra Bank for increasing the aggregate foreign investment to 55%. It also deferred BASF Chemicals India (BCIPL) proposal to convert the legal form of the company from a private limited to a Limited Liability Partnership (LLP) under the Limited Liability Partnership Act, 2008.

On the other hand, the government has rejected 7 proposals.