Proposals for foreign direct investment amounting to around rs4,000 crore by four pharma and medical devices firms, including Torrent Pharmaceuticals and Biocon's research services arm Syngene, were granted by the Government on Wednesday.
The Government, however, rejected proposal of drug firm Strides Arcolab to issue shares to non-resident and resident equity shareholders of Shasun Pharmaceuticals and deferred three proposals from other firms.
Ahmedabad-based Torrent Pharmaceuticals' rs3,000 cr proposal for increasing FII investment limit to 35% from 13.09% was the biggest in terms of value approved by the Govt on Wednesday based on the recommendations of Foreign Investment Promotion Board in its meeting held May 28, 2015.
Syngene International's proposal to raise FDI of around rs930 cr by raising the foreign investment to 44% from the approved percentage of 10% was the second biggest in the pharma sector.