The union government of India has given approval to a set of 14 foreign direct investment (FDI) proposals that are expected to bring in a total investment of about Rs. 1,311 crore into the country.

The foreign investment promotion board, headed by economic affairs secretary Arvind Mayaram, said in an officials statement that, "Based on the recommendations of FIPB [Foreign Investment Promotion Board] in its meeting held on December 21, the government has approved 14 proposals of foreign direct investment amounting to Rs. 1,310.60 crore approximately."

Among the approved proposal was one from Mumbai-based Hindustan Port, which had sought permission to induct foreign capital worth Rs. 440 crore for investment in downstream companies. The government also gave a go ahead to Pharmaceutical firm Aanhaneya Lifecare for raising about Rs. 405 crore through the issue of foreign currency convertible bonds.

Gavis Pharma LLC has received permission for its to invest Rs. 73.75 crore in an Indian injectable products manufacturer. Punjab-based pharma company Saurav Chemicals Ltd has obtained needed approval for issuing equity shares worth Rs. 14.85 crore to a foreign company. Bangalore's Syngene International has been given permission to induct foreign equity of Rs. 125 crore and Excedo Reality Fund-I will now be able to include NRI investment worth Rs. 210 crore.

The foreign investment promotion board decided to defer its decision on three investment proposals and did not grant permission to three proposed investments in the country.