FIPB to take up 16 FDI proposals at April 5 meeting

NEW DELHI: The foreign investment promotion board at its meeting on April 5 will take up 16 FDI proposals, including that of Cholamandalam MS General Insurance Co and Indian Rotorcraft in defence sector.

FIPB, chaired by the Economic Affairs Secretary, will also consider the proposal of Gulf Quarry General Trading FZC which has sought approval for investment in an Indian company that is yet to be incorporated.

The company plans to establish a new factory in Amritsar for crushing of gypsum rocks to make gypsum powder and boards.

FDI proposal of HWIC Asia Fund, Ordain Health Care Global, Jupiter Corporate Services, OneMarket India LLP and Elite Screens India Pvt Ltd would also come up for approval at the FIPB meeting.

Besides, Athena Chhattisgarh Power Ltd has also sought approval of FIPB for conversion of USD 30 million of outstanding retention money into equity against supply of Boiler, Turbine, Generator equipment package by China's Dongfang Electric Corporation Ltd.

The other proposals which are before the Board include Tikona Digital Networks, Malladi Drugs and Pharmaceuticals, Menon Bearings, Mount Kailash Shipping and Helix Investment Holdings.