Delhi clears 22 FDI proposals worth $112.5m

The Indian government on Friday approved 22 foreign direct investment (FDI) proposals amounting to Rs586.137 crore ($112.5 million). The proposals were cleared following recommendations of the Foreign Investment Promotion Board (FIPB) at its meeting March 30, 2012, the finance ministry said in a statement. FDI is considered stable in comparison to foreign institutional investor (FII) funds, which are called “hot money”. The government cleared Shantha Biotechnics’ proposal of Rs.514 crore to increase its foreign equity in brownfield pharmaceutical sector to carry out the activities of research, development.