Kotak Mahindra bank, 6 others get FIPB nod

NEW DELHI: The government has cleared seven foreign investment proposals, including those of Kotak Mahindra Bank, Hathway Cable and Datacom. The total foreign inflow is pegged at Rs 981 crore.

The Foreign Investment Promotion Board (FIPB) had in its July 3 meeting cleared these proposals.

Kotak Mahindra Bank has sought FIPB’s nod to raise foreign investment to 55 per cent following its acquisition of ING Vyasa Bank.

Hathway Cable and Data Com Ltd’s proposal for an increase in foreign investment limit to 74 per cent from 49 per cent has also been cleared. This proposal is alone expected to fetch per cent963 crore of foreign investment.

Hyderabad-based Celon Laboratories has got permission for Rs 16 crore downstream investment in a brown field pharma company.

Decision on six FDI proposals including those of Den Networks, Reliance Globalcom (Bemuda), Sistema Shyam Teleservices and Indian Rotocraft was deferred.

The FIPB will consider another 40 investment proposals on Thursday.