FIPB clears six FDI proposals worth Rs 105 cr

By: | Updated: August 30, 2016 6:56 PM

The inter-ministerial body FIPB today cleared six foreign investment proposals worth Rs 105 crore.

Indian rupee vs US dollarThe Foreign Investment Promotion Board (FIPB) has cleared six out of 13 proposals, a senior Finance Ministry official said. (Photo: Reuters)

The inter-ministerial body FIPB today cleared six foreign investment proposals worth Rs 105 crore.

The Foreign Investment Promotion Board (FIPB) has cleared six out of 13 proposals, a senior Finance Ministry official said.

The FIPB meeting chaired by Economic Affairs Secretary Shaktikanta Das approved proposal of Ceva Sante Animale of Rs 88 crore.

However, seven FDI proposals including BNP Paribas Asset Management lndia Pvt Ltd and Sharekhan Ltd were deferred for want of more information, the official added.

No proposal was rejected in the meeting, the official said, adding Almondz Insurance Brokers proposal came at the last minute to consider revision in the amount of foreign fund inflow.

The other proposals came up for considerations were Willmar Schwabe lndia Pvt Ltd, SAET lndia Pvt Ltd, Bashundhara Paper Mills India Pvt Ltd and Whizdm lnnovations Pvt Ltd.

India allows FDI in most sectors through automatic route, but in certain segments considered sensitive for the economy and security, the proposals have to be first cleared by the Foreign Investment Promotion Board.

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