FIPB approves 6 FDI proposals worth Rs 1,900 crore

NEW DELHI: Inter-ministerial body FIPB today cleared six foreign investment proposals, including that of IIFL Holdings, and Sharekhan worth about Rs 1,900 crore.

"One proposal of Volkswagen Finance Pvt Ltd was rejected as there were some policy issues," sources said.

The Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Shaktikanta Das, took up seven proposals today.

Among others, proposals of Monsoon Capital LLC, SeQuent Scientific Ltd, Agile Electric Sub Assembly and Serap India were also approved.

India allows FDI in most of the sectors through automatic route but FIPB approval is required for proposals in certain segments that are considered sensitive to the economy and security of the country.

IIFL Holdings, an NBFC, is seeking approval for increasing foreign equity from 52.29 per cent to 100 per cent by way of issuing shares to FIIs.