Government clears 7 FDI proposals worth Rs 100 crore

NEW DELHI: Inter-ministerial body FIPB today cleared seven proposals envisaging foreign investment of Rs 100 crore.

"7 out of 19 proposals were cleared," sources said.

The proposals of Oxford University Press and Dr Reddy's Laboratories were among those approved by the board.

These two proposals together entail an investment of Rs 90 crore, sources said.

The Foreign Investment Promotion Board, headed by Economic Affairs Secretary Shaktikanta Das, also rejected four proposals.

Other investment proposals taken up for consideration include those of BMJ Group India, Crest Premedia Solutions, Fans Asia, Flag Telecom Singapore Pte, and Barracuda Camouflage.

In the previous meeting, FIPB had given its approval to four foreign investment proposals entailing an investment of over Rs 2,000 crore.

India allows FDI in most sectors through the automatic route, but in certain segments considered sensitive for the economy and security, the proposals have to be first cleared by FIPB.

The government has taken a slew of measures in the recent past to boost foreign direct investment into the country.

FDI in the country grew by 29 per cent to $40 billion in 2015-16 as against $30.94 billion in the previous financial year.