FIPB to consider seven FDI proposals on October 30

NEW DELHI: Inter-ministerial body FIPB will consider seven foreign investment proposals, including that of IIFL Holdings, Volkswagen Finance Pvt Ltd and Sharekhan Ltd, on October 30.

The Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Shaktikanta Das, will meet on Friday to take up seven FDI proposals listed on the agenda, the Finance Ministry said.

Among others, proposals of Monsoon Capital LLC, SeQuent Scientific Ltd, Agile Electric Sub Assembly Ltd and Serap India Private Ltd are on the agenda.

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.

The estimated investment is Rs 3,201.5 crore.