FIPB approves 7 FDI proposals worth Rs 300 cr: Reports
04/08/2016 10:04
Inter-ministerial body FIPB has said that it has approved seven foreign investment proposals, including that of Tikona Digital Networks envisaging FDI of Rs 267 crore. As per reports, the seven proposals, cleared by the Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary Shaktikanta Das, will bring in foreign investment of around Rs 300 crore. Laurus Labs' proposal was also among the proposals that received board's approval. As per sources, the board rejected five proposals while seven others were deferred. Deferred proposals included that of Financial Times, HSBC Securities and Capital Markets and Morgan Stanley lndia Primary Dealer Pvt Ltd. As per reports, India allows FDI in most of the sectors through automatic route but investments in certain sectors are cleared by the FIPB. FDI proposals of Rs 5,000 crore and beyond require approval of the Cabinet Committee on Economic Affairs.
