Foreign Investment Board clears 14 FDI Proposals

New Delhi, Sep 11: India’s Foreign Investment Promotion Board (FIPB) on Friday cleared 14 foreign direct investment (FDI) proposals, including that of Shyam Sistema Teleservices, IIFL Holdings and Eros International Media.

An official source told that the FIPB, in a meeting chaired by department of economic affairs secretary Shaktikanta Das, considered 23 FDI proposals in all, cleared 14, rejected four and deferred decisions on five others. The foreign investment proposals approved also include those of Indian Rotorcraft, AGS Transact Technologies and O-Zone Networks, the source said.

The proposals of Reliance Globalcom, Firefly Networks, Apollo Hospitals and Aegon Religare Life Insurance were deferred, he added. According to the source, the Aegon Religare proposal, which involved raising the foreign partner’s stake in the Indian venture, was deferred pending receipt of comments from the department of financial services.

The Sistema Shyam Teleservices and Indian Rotocraft proposals approved on Friday had been deferred in an earlier meeting of the FIPB in late July. The finance ministry said on Thursday that the FIPB will take up 25 FDI proposals on September 22, including those of Cipla, Sun Pharma, Aditya Birla Nuvo and HDFC Capital Advisors.

“A meeting of the FIPB is scheduled on September 22… under the chairmanship of secretary (economic affairs),” an official statement here said. In August, the FIPB had cleared 16 FDI proposals amounting to Rs.1,152.53 crore, which included those of Edelweiss Tokio Life Insurance, Encore Asset Reconstruction Co. and News Laundry Media.

Among others, the board in its meeting later this month will take up proposals from Safran Engineering Services, Synergia Life Sciences, Blue Star Infotech Ltd. and Gulf Packaging Machines, the statement said.