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Investment Board to Take Up 14 Proposals on January 14

The Foreign lnvestment Promotion Board (FIPB) will next week take a call on FDI (foreign direct investment) proposals by 14 companies, including ICICI Prudential Life Insurance and drug maker Cipla.
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Investment Board to Take Up 14 Proposals on January 14
New Delhi: The Foreign lnvestment Promotion Board (FIPB) will next week take a call on FDI (foreign direct investment) proposals by 14 companies, including ICICI Prudential Life Insurance and drug maker Cipla.

Inter-ministerial panel FIPB, headed by Economic Affairs Secretary Shaktikanta Das, is scheduled to meet on January 14.

The board, which recommends foreign investment proposals for government approval, will take up to 14 proposals in the meeting - the first in 2016.

Other proposals pertain to ICICI Lombard General Insurance Co, Euronet Services India, Almondz lnsurance Brokers and Glenmark Pharmaceuticals.

At the last meeting on December 29, the panel had cleared four investment proposals worth Rs 1,810 crore.

It had also deferred decision on four investment proposals, including one by Aviva Life Insurance, to increase foreign shareholding to 49 per cent from 26 per cent.

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

In 2014-15, FDI grew 27 per cent on-year to $30.93 billion as against $24.29 billion in 2013-14, data from the Department of Industrial Policy and Promotion (DIPP) showed.

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