FIPB clears 7 foreign investment proposals worth Rs 300 crore

NEW DELHI: Inter-ministerial body FIPB today approved seven foreign investment proposals, including that of Tikona Digital Networks envisaging FDI of Rs 267 crore.

The seven proposals, cleared by the Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary Shaktikanta Das, would bring in foreign investment of around Rs 300 crore.

Laurus Labs' proposal was also among the proposals that received board's approval.

Also, the board rejected five proposals while seven others were deferred, official sources said.

Deferred proposals included that of Financial Times, HSBC Securities and Capital Markets and Morgan Stanley lndia Primary Dealer Pvt Ltd.

The proposal of Financial Times is related restructuring of capital, sources added.

India allows FDI in most of the sectors through automatic route but investments in certain sectors are cleared by the FIPB. FDI proposals of Rs 5,000 crore and beyond require approval of the Cabinet Committee on Economic Affairs.

In 2015-16, the FDI inflows in the country grew by 29 per cent to $40 billion as against $30.93 billion in 2014- 15.