Foreign investment board gives nod to 14 FDI proposals

Foreign investment board gives nod to 14 FDI proposals

Considering a total number of 23 FDI proposals, FIPB cleared 14 proposals, rejected four and deferred decision on five proposals

The Dollar Business Bureau

Government on Friday cleared 14 Foreign Direct Investment (FDI) proposals related to Teleservices, Financial Service Holdings, Technology, Insurance and Healthcare companies. The Foreign Investment Promotion Board (FIPB), chaired by Economic Affairs Secretary Shaktikanta Das, considered a total number of 23 FDI proposals in its meeting, cleared 14 of them, rejected four and deferred its decision on five proposals. The companies whose proposals got cleared include Eros International Media, Indian Rotorcraft, AGS Transact Technologies and O-Zone Networks, according to sources. Whereas, proposals of Reliance Globalcom, Firefly Networks, Apollo Hospitals and Aegon Religare Life Insurance were said to have got deferred. FIPB, in its next meeting on September 22, 2015, is likely to take up a total number of 25 FDI proposals covering sectors like pharmaceutical, financial holdings, Technology and Network services, Media & Entertainment, Packaging, among others. Some of these companies include Aditya Birla Nuvo, Cipla, Sun Pharma Advanced Research, HDFC Capital Advisors, Strides Acrolab Ltd, Multi Screen Media Pvt Ltd, IVF Trustee Company, Sharekhan Ltd, International Trade and Exhibitions India, InfoTechLtd and Gulf Packaging Machines. Following the recommendations of FIPB, earlier this month, government had approved 16 FDI proposals worth Rs.1,153 crore, which include applications filed by Edelweiss Tokio Life Insurance Company Ltd, Encore Asset Reconstruction Company Ltd, Akumentis Healthcare Ltd, and Elanco India Pvt Ltd. The Board had deferred applications of 11 companies, while the equal number of applications was rejected. Among the deferred were IIFL Holding Ltd, Apollo Hospitals Private Ltd, BTI Payments Pvt Ltd, and Firefly Media Pvt Ltd.  

September 11, 2015 |5:06pm IST.

The Dollar Business Bureau - Sep 11, 2015 12:00 IST