New Delhi– India’s Foreign Investment Promotion Board (FIPB) has recommended the Rs 4,315-crore investment proposal of Gland Pharma Ltd to the Cabinet Committee on Economic Affairs (CCEA) for approval, an official statement said on Monday.

“Gland Pharma Ltd, a brownfield pharmaceutical Indian company, is seeking approval for its initial acquisition of up to 86.08 per cent by Shanghai Fosun Pharmaceutical (Group) Company Ltd, a publicly-listed company incorporated in China,” a Finance Ministry statement here said.

“Subsequently, Fosun also has the contractual right to acquire 100 per cent shares of Gland Pharma from other shareholders of the company in one or more tranches,” it added.

The FIPB, at its meeting here last month, deferred a decision on the foreign direct investment (FDI) proposal of Vodafone Mobile Services, the Ministry said.

The other proposals on which decision was deferred include investment proposals of Sistema Shyam TeleServices Limited, Datawind Innovations Private Limited, HSBC Securities and Capital Markets (India) Private Limited and G4S Secure Solutions (India) Private Limited.A

The FIPB approved six proposals involving FDI of Rs 84.69 crore, while rejecting five proposals.

Proposals approved by the FIPB include one of Rs 65-crore by PMC Group International, and by Crown Cement Manufacturing India Pvt Ltd worth Rs 15.51 crore, while the investment applications of PERI India Pvt Ltd, Limpkin Telecom Private Limited, LS Cable India Private Ltd, Maxaim Network Private Ltd, and Xerox India Ltd have been rejected, the release said. (IANS)