Economy
Government nod to 14 FDI proposals worth over Rs1,300 crore

The proposal of Mumbai-based Hindustan Port to induct foreign funds worth Rs440 crore for investment in downstream companies was among those cleared by FIPB


New Delhi: The government said it has approved 14 FDI proposals worth about Rs1,311 crore including that of Hindustan Port, reports PTI.

 

“Based on the recommendations of FIPB in its meeting held on 21st December, government has approved 14 proposals of foreign direct investment amounting to Rs1,310.60 crore approximately,” the finance ministry said in a statement.

 

The proposal of Mumbai-based Hindustan Port to induct foreign funds worth Rs440 crore for investment in downstream companies was among those cleared by FIPB.

 

The Foreign Investment Promotion Board, headed by economic affairs secretary Arvind Mayaram, has also allowed pharma firm Aanhaneya Lifecare to raise funds worth Rs 405 crore through issue of foreign currency convertible bonds.

 

Besides, the board has allowed Bangalore-based Syngene International to induct foreign equity of Rs125 crore.

 

US-based Gavis Pharma LLC can also invest Rs73.75 crore in an Indian company engaged in the business of manufacture of injectable products.

 

Other major proposals which were approved by the FIPB include Excedo Reality Fund-I to accept NRI investment worth Rs210 crore, and that of Punjab-based pharma company Saurav Chemicals Ltd to issue fresh equity shares valued Rs14.85 crore to foreign company.

 

Other proposals approved include that of Ordain HealthCare Global for acquisition of manufacturing facility for its group pharma company and that of Arshiya International to issue warrants.

 

FIPB has deferred six and rejected three proposals. The proposals which were deferred include that of Mahindra & Mahindra to provide service support for radar systems and defence electronic systems.

 

Those rejected include proposal of Mumbai-based Fullife Healthcare for induction of foreign equity.

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NHRC unveils “Code of Ethics” for India Inc

“It is required that companies strive for providing a safe, healthy, clean and ergonomic working environment for their employees and indirect workers,” NHRC said

New Delhi: Refraining from projects that would be detrimental to locals, respecting whistleblowers’ rights and allowing equal opportunities to qualified employees regardless of their caste or religion are among the “Code of Ethics” propagated by NHRC for Indian industry, reports PTI.

 

The NHRC came up with the 12-point code after a panel appointed by it submitted a study and said Indian industry's criteria for social and ethical aspects are yet to reach the desired level of sophistication.

 

“The agitation and the mass uproar surrounding the Lokpal movement suggest that there is need for creating accountable entities. This aspect should be incorporated in business ethics. “As per this tenet, companies must conform to trade procedures, including licensing, documentation and other necessary formalities, as applicable,” the study “Developing Code of Ethics for Indian Industry” said.

 

Noting that inclusion is one of the key deterrents to growth in the country, the study said, the first tenet to ethical behaviour has to be inclusiveness.

 

“All companies must refrain from undertaking projects or activities that would be detrimental to the wider interests of the communities in which they operate. This implies that companies should respect the local culture, customs and traditions in which they operate,” it said.

 

In a statement, NHRC said the Code of Ethics for Indian Industry strongly advocates for equal opportunities to all qualified employees, regardless of their race, caste, gender, religion etc for their inclusive growth and welfare.

 

“It is required that companies strive for providing a safe, healthy, clean and ergonomic working environment for their employees and indirect workers,” the Commission said.

 

The Code of Ethics was formulated after an exhaustive study based on data collected from 20 industries in diverse sectors, including Tata, Yes Bank and ITC.

 

“Code of Ethics emphasises upon the implementation of policies consistent with the laws, development of an atmosphere, wherein whistle-blowers’ rights are respected and employees are allowed to raise their concerns to the top management without fear and intimidation,” the Commission said.

 

It stressed that all forms of conflict of interest must be avoided.

 

“This tenet should be equally applied from the top-management to the workers. This would include award of benefits such as increase in salary or other remuneration, posting, promotion or recruitment of a relative of an employee,” it said.

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CCI nod to Rs2,460 crore stake sale in Gujarat Gas to GSPC

Competition Commission of India said that it has approved the proposed sale of stake in BG Group firm Gujarat Gas, as it is not likely to have an appreciable adverse impact on competition scenario

New Delhi: Fair trade regulator CCI said it has approved sale of 65.12% stake in Gujarat Gas Company by GSPC Distribution Networks, as the deal is unlikely to have any adverse impact on competition in the natural gas distribution market, reports PTI.

 

GSPC Distribution Networks is a wholly-owned subsidiary of GSPC Gas Company (GGCL), jointly promoted by Gujarat State Petroleum Corporation (GSPC) and Gujarat State Petronet (GSPL).

 

In an order released, Competition Commission of India (CCI) said that it has approved the proposed sale of stake in BG Group firm Gujarat Gas, as it is not likely to have an appreciable adverse impact on competition scenario.

 

In October, 2011, BG Group had said it has reached an agreement to sell its majority stake in GGCL to GSPC Distribution Networks (GDNL) for over Rs2,460 crore.

 

CCI observed that “both GSPC Gas and GGCL, which are engaged in the distribution of natural gas in the state of Gujarat, operate in different geographical areas”.

 

“In view of the forgoing, the proposed combination is not likely to raise any adverse effect on competition in the market for the distribution of natural gas in the state of Gujarat,” it added.

 

GDNL’s holding company, GSPC Gas, is engaged in the business of distribution of natural gas in ten districts of Gujarat including Rajkot and Gandhinagar. The entities had approached the CCI for approval on 1 November 2012.

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