FIPB to take up 32 foreign investment proposals on Tuesday

Written by PTI | New Delhi | Updated: Aug 25 2013, 19:34pm hrs
Six pharmaceutical sector proposals, in addition to 26 others, will come up for approval before the Foreign Investment Promotion Board (FIPB) on Tuesday.

As per the agenda of the 195th meeting of the FIPB to be headed by Economic Affairs Secretary Arvind Mayaram, proposals of Jubilant Pharma, Laurus Labs, Premier Medical Corporation and three others in the pharmaceutical sector are to be taken up on August 27.

Earlier, the FIPB had "kept in abeyance" decision on Rs 5,168 crore proposal of Mylan Inc to acquire an Indian pharma company engaged in manufacture of generic pharma products till the formulation of the revised FDI policy by DIPP.

Foreign investment proposals by Boeing Cyprus Holdings Ltd, Cyprus, Eurocopter India Pvt Ltd, JM Financial Ltd, Oriflame, HBO India Pvt Ltd, Hindustan Coca-Cola Holdings Pvt Ltd and INX Music Pvt Ltd, are among the other items to be considered by the FIBP.

FDI in India increased by about 16 per cent year-on-year to USD 1.44 billion in June, which is the lowest figure during the calender year.

During April-June period of the fiscal, foreign direct investment totalled USD 5.39 billion as against USD 4.42 billion year-on-year.

Faced with widening current account deficit (CAD) and rupee depreciation, India has been attaching high importance to FDI.

With an aim at attracting more foreign investments, the government has further relaxed the FDI policy in sectors like retail, aviation, defence production and telecom sectors.