Centre approves 20 FDI proposals amounting to over 988 cr
The Centre has cleared 20 FDI proposals involving investment of approximately Rs. 988.3 cr.
The approvals to the 20 FDI proposals, including six in the pharmaceutical sector, were given by the Ministry of Finance after a meeting of the FIPB
Projects which were granted approval
- Tamil Nadu-based Equitas Holdings Pvt Ltd. will be bringing in the maximum investment with Rs. 325 cr
- Indusind Bank’s proposal, seeking to raise the foreign investment limit in the bank up to 74% has been approved
- Other proposals that have been approved are those by Fresenius Kabi Oncology for Rs. 119 cr and Amneal Pharmaceuticals Company’s for Rs. 205 cr
Proposals that were rejected
FIPB rejected multiple proposals including that of Sistema Shyam Teleservices Ltd. to increase foreign investment in the company up to 100%.
FIPB is a governmental body which offers a single window clearance for FDI proposals in India that are not allowed access through the automatic route. The members of the FIPB includes Secretaries of different ministries. The FIPB is headed by the Secretary of the Department of Economic Affairs of the Ministry of Finance.
FIPB provides recommendations to the Ministry of Finance on FDI proposals up to Rs. 1,200 cr. Proposals involving investment of more than Rs. 1,200 cr have to be approved by the Cabinet Committee on Economic Affairs (CCEA).
Categories: Business & Economy Current Affairs 2017