FIPB to take up Axis Bank, 13 other FDI proposals

NEW DELHI: The Foreign Investment Promotion Board (FIPB) will in its next meeting on April 29 take up 14 FDI proposals, including that of Axis Bank and Wockhardt Ltd.

FIPB, chaired by Economic Affairs Secretary Shaktikanta Das, will also consider the proposal of Aurobindo Pharma, One97 Communications, Advanced Enzyme Technologies and Macmillan Publishers International Ltd.

The inter-ministerial panel can approve foreign investment proposals of up to Rs 5,000 crore.

The other proposals which are before the FIPB include Janalakshmi Financial Services Ltd, Funai India Pvt Ltd, Jasper lnfotech, Fans Asia Pvt Ltd and DCNS.

The NDA Government has been liberalising the FDI regime and has brought a number of sector under the automatic route.

Investments in sectors that are not under the automatic route require FIPB approval. Currently 98 per cent FDI into India comes through automatic route.

Foreign direct investment (FDI) into the country increased by 40 per cent to $29.44 billion during April- December of 2015-16. The foreign investment inflows were at $21.04 billion in the same period of previous fiscal.