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FIPB clears FDI proposals
The Foreign Investment Promotion Board (FIPB) cleared Rs. 13,030 crore worth of foreign direct investment proposals. The clearance includes the hiking of foreign investment limit in Axis Bank.
A senior official said, FDI proposals for more than Rs.13,000 crore recommended for approval. Inflow of investments continue. The Foreign Investment Promotion Board (FIPB) in its meeting cleared 5 out of 14 proposals.
Axis Bank`s proposal was to hike foreign share holding limit to 74% from the current 62%. Private banks, currently, have a foreign limit of 74%. Of this, the FII limit is 49%.
The government body also cleared proposals of pharmaceutical firms Wockhardt and Aurobindo. The FIPB can clear proposals worth up to Rs. 5000 crore. Any proposal above that will need to be cleared by the Cabinet Committee on Economic Affairs, or the CCEA.
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