Foreign Investment Promotion Board to take up 42 FDI requests on Friday

NEW DELHI: The Finance Ministry is scheduled to consider this week 42 foreign direct investment proposals, including that of Fabindia Overseas, Bajaj Finserv and Tara Aerospace Systems.

The Foreign Investment Promotion Board (FIPB) headed by Secretary of Economic Affairs Department will meet on June 29, the Ministry said.

The proposals of Zen Technologies (defence production), Triton Hotels and Resorts (tourism), Bhilwara Energy (power) and Paragon Asset Reconstruction (financial services) are are also on the agenda of FIPB.

As per the agenda, maximum applications are related with health and family welfare followed by financial services. There are three proposals for foreign investments in the telecommunications sector.

Of the total, 22 applications are fresh and 14 are those on which decisions were deferred in the previous FIPB meetings.

Standard and Poor's and Fitch lowering India's credit outlook to negative from stable notwithstanding, Swedish retailer IKEA last week approached the government for permission to invest Rs 10,500 crore (1.5 billion euros) in the single brand retail sector.

FDI inflows in the country in 2011-12 was USD 36.50 billion.

India allows FDI in most of the sectors through automatic route, barring in certain sensitive segments like telecom and defence.