FIPB clears FDI proposals worth Rs 643 crore

NEW DELHI: Foreign Investment Promotion Board ( FIPB) has cleared four FDI proposals entailing overseas investment of about Rs 643 crore.

The inter-ministerial panel, headed by Economic Affairs Secretary Shaktikanta Das, has approved Rs 420 crore FDI proposal of Advanced Enzyme Technologies which intends to sell its stake to foreign investors by making fresh issuance of shares.

FIPB has also given its approval to Corona Remedies Private's investment worth Rs 118 crore.

The company had sought approval for foreign investment of 19.51 per cent by Mauritius-based Cydista, a Finance Ministry statement said.

The board also cleared proposals of Macmillan Publishers International and Ordain Health Care Global, entailing investment flow of Rs 28.20 crore and Rs 77.05 crore, respectively.

While, proposals of Flag Telecom Singapore and Star Den Media Services were rejected by the board.

Also, eight proposals including that of IBM India, Janalakshmi Financial Services, Tikona Digital Networks and Oxigen Services were deferred.

FIPB can clear FDI proposals envisaging investment of up to Rs 5,000 crore and those involving higher investment are approved by the Cabinet Committee on Economic Affairs (CCEA).

FDI in most sectors are allowed through an automatic route but in certain sectors proposals have to go through the FIPB.