FIPB clears FDI proposals worth Rs 710 crore

NEW DELHI: Foreign Investment Promotion Board (FIPB) today approved four FDI proposals entailing overseas investment of about Rs 710 crore.

The proposals approved included Advanced Enzyme Technologies' foreign investment worth Rs 480 crore, a Finance Ministry official said.

The Board also cleared proposals of Corona Remedies, Macmillan Publishers International and Ordain Health Care Global.

The FIPB, headed by Economic Affairs Secretary Shaktikanta Das, today considered 14 investment proposals.

Three proposals, which were rejected included that of Flag Telecom Singapore Pte Ltd and Star Den Media Services Pvt Ltd.

Also, eight proposals, including that of IBM India Ltd, 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.