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Foreign Investment Promotion Board (FIPB) clears 14 FDI proposals

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The Foreign Investment Promotion Board chaired by Economic Affairs Secretary Shaktikanta Das cleared 14 foreign investment proposals related to Teleservices, Financial Service Holdings, Technology, Insurance and Healthcare companies including

  • Shyam Sistema Teleservices
  • AGS Transact Technologies
  • Eros International Media
  • O-Zone Networks
  • Indian Rotorcraft
  • IIFL Holdings

Meeting considered 23 FDI proposals, deferred decisions on five and rejected four.

Deferred Investment proposals

  • Reliance Globalcom
  • Firefly Networks
  • Apollo Hospital
  • Aegon Religare
  • Life Insurance

The next meeting, scheduled on September 22, will take up 25 FDI proposals FDI including those of Strides Acrolab Ltd, Multi Screen Media Pvt Ltd, IVF Trustee Company, Sharekhan Ltd, International Trade and Exhibitions India, Blue Star Infotech Ltd, Gulf Packaging Machines, Cipla, Sun Pharma, Aditya Birla Nuvo and HDFC Capital Advisors.

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.

Last fiscal, FDI flow into India grew by about 40 per cent year-on-year to ₹1.76 lakh crore. Top sectors to receive FDI include services, automobiles, telecommunication, computer software and hardware and pharmaceuticals.