Government clears 11 FDI proposals

Foreign Investment Promotion Board (FIPB) has approved 11 proposals entailing foreign direct investment (FDI) inflow of over Rs 2300 crore.  The investment board also cleared Sharekhan selling 100 per cent of its stake to BNP Paribas. Sharekhan’s proposal would attract foreign investment of Rs 2060 crore.

The FIPB also cleared the proposal of Perrigo India worth Rs 253 crore. Other proposals approved included Pepe Jeans and IBM. Of the 18 foreign investment proposals considered, including Idea Cellular Infrastructure Services and Flag Telecom, Morgan Stanley’s proposal of Rs 95 crore was approved through automatic route. However, FIPB rejected four proposals.

The government has taken important measures in the recent past to boost foreign direct investment into the country. On June 20, the cabinet allowed FDI regime with the objective of providing major impetus to employment generation in India. The  measures undertaken have resulted in increased FDI inflows at USD 55.46 billion (Rs 3687 billion) in FY16, as against USD 24.7 billion (Rs 1643 billion) in FY15.