The Cabinet Committee on Economic Affairs will take a final call on the Rs 12,973-crore foreign investment proposal of Axis Bank, the Finance Ministry said today.
The proposal of Axis Bank to increase foreign investment by FIIs, NRIs, FPIs, ADRs or GDRs from 62 per cent to 74 per cent on a fully fungible basis was cleared by the FIPB in its April 29 meeting.
It will now have to be cleared by the CCEA.
The Foreign Investment Promotion Board (FIPB) also cleared three pharma FDI proposals worth Rs 60.73 crore.
Advanced Enzyme Technologies
The FIPB, chaired by the Economic Affairs Secretary, is an inter-ministerial panel and can approve foreign investment proposals of up to Rs 5,000 crore. Beyond that, the proposal has to go to the CCEA.
However, the board has deferred eight proposals including that of DCNS which plans to set up a company in India (IndiaCo) for the purposes of manufacturing and maintenance in relation to air independent propulsion systems for submarines.
The other proposals, which were deferred include JCB International Co. Ltd, Macmillan Publishers International Ltd, UK and One97 Communications
The Board has rejected one proposal of Rafique Dawood. The proposal was to transfer 51,570 shares of Rain Industries Ltd allotted to his father, Late Siddique Dawood in his name. Rafique Dawood is the legal heir and son of Late Siddique Dawood.