Finance Ministry clears FDI proposal worth Rs 1.90 crore in November

NEW DELHI: The finance ministry today said it cleared a foreign direct investment (FDI) proposal of Rs 1.90 crore in November.

The proposal relating to Wells Fargo International Finance (India) Pvt Ltd was approved, Finance Ministry said in a statement issued today.

The company had sought approval for issuance of equity shares to Wells Fargo International Finance LLC and Wells Fargo International Banking Corporation for meeting obligations pertaining to certain pre-operative or pre-incorporation expenses and the proposed voluntary liquidation of Wells Fargo India, the statement said.

A proposal from SBI Macquarie Infrastructure Management Pvt Ltd was rejected, it said.

The Union Cabinet in May decided to abolish the Foreign Investment Promotion Board (FIPB) -- an advisory body comprising of secretaries to various departments for vetting of foreign direct investment (FDI) applications and making recommendations to the government.

It was decided that the approvals would be handled independently by administrative ministries of different sectors.

FDI into the country grew 9 per cent to $43.47 billion in 2016-17.