Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its recent meeting, Central government has approved 16 proposals of Foreign Direct Investment (FDI) amounting to Rs4,722 crore approximately, Ministry of Finance said in a statement on Thursday. The approved applicants include six pharma companies, two insurance companies, a construction firm and others. 

Sun Pharma Research Advanced Company (`250 crore), Schulke India (`76.2 crore), Synergia Life Sciences (`40 crore), MMI Strategic Investments (`196 crore), IVF Trustee Company (`608 crore), Aditya Birla Nuvo (`377 crore), Energy City Navi Mumbai Holding Company (`139 crore), Aegon Religare Life Insurance Company (`559.96 crore) and HDFC Capital Advisors (`2400 crore) are some of the firms that sought approval of FIPB as per the official statement.

The government has deferred six proposals of the applicants including BF Elbit Advanced System, Sharekhan, Serap India, Reliance Globalcom, Taurus Ventures and Capricorn Ventures. Another eight proposals have been rejected by FIPB. The rejected applicants include Cipla Health, Menon Bearings, Atria Convergence Technologies, Vadatech India, Meshlabs Software and Apollo Hospitals Enterprise. Shilpa Medicare’s proposal has not been presented before FIPB, the statement added.