Finmin clears 2 FDI proposals worth Rs 24.56 cr

The finance ministry today said it cleared two foreign direct investment ( FDI) proposals of Rs 24.56 crore in October.

The proposals included that of Sterling Commerce Solutions India which sought approval for issue of shares to the shareholders of three wholly-owned subsidiaries of IBM India Pvt Ltd upon their merger with the applicant, Finance Ministry said in a statement issued today.

The proposal of Sterling Commerce Solutions will bring in FDI of Rs 24.56 crore, it said.

The other one from Arval India does not entail any FDI, it said.

A proposal from Ivanhoe India Equities Inc has been returned as it is premature, it added.

The Union Cabinet in May decided to abolish the Foreign Investment Promotion Board (FIPB) -- an advisory body comprising of secretaries to various departments for vetting of foreign direct investment (FDI) applications and making recommendations to the government.

It was decided that the approvals would be handled independently by administrative ministries of different sectors.