FIPB clears Cadila Healthcare, 8 other proposals

NEW DELHI: Inter-ministerial body FIPB today cleared nine proposals including that of Cadila Healthcare and Volvo Asset Finance India.

Barring Cadila Healthcare, other eight proposals cleared by the Foreign Investment Promotion Board (FIPB) will result in inflow of about Rs 1,200 crore into the country, official sources said.

Cadila Healthcare was reconsidered by the FIPB following the changes made by the government in foreign direct investment ( FDI) policy last month.

As per the earlier norms, Cadila proposal was cleared and recommended to seek Cabinet Committee on Economic Affairs (CCEA) nod as the investment proposals was over Rs 3,000 crore.

However, as per the revised norms, the FIPB could give clearance to FDI proposals up to worth Rs 5,000 crore.

Therefore, the Cadila Healthcare proposal again came up for consideration before the FIPB, sources added.

The FIPB, which is headed by Economic Affairs Secretary Shaktikanta Das, deferred few proposals including Holcim (India) Pvt Ltd, HSBC Securities and Capital Markets and Raheja QBE General Insurance.

It rejected two proposals of Mokeme Chiwetal Izuchukwu and Lanarth Developers Pvt Ltd.