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FIPB to take up 47 foreign investment proposals
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SME Times News Bureau | 13 Jul, 2015
The Foreign Investment Promotion Board (FIPB) will on Monday take up 47
proposals of foreign investment, including a host of them from
pharmaceutical majors like Glaxo SmithKline, Novartis and Mylan
Laboratories, an official said.
Other investment proposals on the
FIPB's agenda include those of Volkswagen Finance, ADC India
Communications, Diabu Diamond Tools India, DEN Networks, Reliance
Globalcom, Sistema Shyam Teleservices, Indian Rotocraft and Sikorsky
Aircraft Corporation, said an official statement here.
There are
applications also of the Bandhan Financial Services, which has been
granted a universal banking licence by the Reserve Bank of India, and
the Catholic Syrian Bank that has received market regulator Sebi's
approval to raise up to Rs.400 crore through an initial public offer
(IPO).
The FIPB can recommend foreign investment proposals of up to Rs.3,000 crore to the finance minister for approval.
Foreign
direct investment (FDI) is permitted in most sectors in India through
the automatic route, but proposals in some segments considered sensitive
have to be first cleared by the FIPB.
FDI in India in 2014-15 was over $30 billion, a rise of 40 percent over the previous fiscal.
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