FDI proposals worth Rs 13Kcr get FIPB go ahead
02/05/2016 00:05
According to media reports, the Foreign Investment Promotion Board (FIPB) has given the green signal to foreign direct investment (FDI) proposals valued at a total Rs 13,030 crore, paving the way for increased overseas investment which may help push growth to double digits in Asia’s third biggest economy.
“FDI proposals for more than Rs.13,000 crore recommended for approval. Inflow of investments continue,” Economic Affairs Secretary Shaktikanta Das said, the PTI reported.
At a meeting of the FIPB, 5 out of the 14 proposals were given the nod, including the one of raising the FDI cap in private sector lender Axis Bank.
The FIPB cleared the proposal of hiking the foreign shareholding limit in Axis Bank to 74 per cent from 62 per cent. The proposal involves a foreign investment of Rs 12,900 crore.
Currently, private banks in the country have a total foreign limit of 74 per cent, with FII cap set at 49 per cent.
Among the other proposals cleared included that of pharmaceutical companies Wockhardt and Aurobindo.
FIPB is authorized to clear FDI proposals worth up to Rs 5,000 crore while the ones above that are sent to the Cabinet Committee on Economic Affairs (CCEA).
FDI in India jumped by 40 per cent to USD 29.44 billion in April- December of 2015-16.
02/05/2016 00:05
“FDI proposals for more than Rs.13,000 crore recommended for approval. Inflow of investments continue,” Economic Affairs Secretary Shaktikanta Das said, the PTI reported.
At a meeting of the FIPB, 5 out of the 14 proposals were given the nod, including the one of raising the FDI cap in private sector lender Axis Bank.
The FIPB cleared the proposal of hiking the foreign shareholding limit in Axis Bank to 74 per cent from 62 per cent. The proposal involves a foreign investment of Rs 12,900 crore.
Currently, private banks in the country have a total foreign limit of 74 per cent, with FII cap set at 49 per cent.
Among the other proposals cleared included that of pharmaceutical companies Wockhardt and Aurobindo.
FIPB is authorized to clear FDI proposals worth up to Rs 5,000 crore while the ones above that are sent to the Cabinet Committee on Economic Affairs (CCEA).
FDI in India jumped by 40 per cent to USD 29.44 billion in April- December of 2015-16.
