FIPB Gives Nod To Six Proposals Worth Rs 1,200 Crore

Foreign Investment Promotion Board rejected three investment proposals including that of AMP Solar

Inter-ministerial body Foreign Investment Promotion Board (FIPB) has cleared six investment proposals slated to bring in foreign investment of Rs 1,200 crore.

The Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Shaktikanta Das received 17 proposals. Six investment proposals that were cleared included four from the pharma sector, namely Sanofi Synthelabo India, Boehringer Ingelheim India, A Menarini India and Recipharm Participation. Star Den Media Services (information and broadcasting) and Idea Cellular Infrastructure Services (telecommunications) were the other two that got approval. However the board rejected three proposals, including AMP Solar (renewable energy), Tandberg Technology (IT & ITES) and Basundhara Paper Mills.

A source close to the development said PTI that “Six proposals were deferred for further consultation and want of more information.” Some of the proposals which were deferred were those of Crest Premedia Solutions Pvt Ltd, You Broadband India and Scientific Publishing Services Pvt Ltd.

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 USD 40 billion in 2015-16 as against USD 30.94 billion in the previous financial year.