FIPB to consider Axis Bank, HCL Tech proposals next week

Department of Economic Affairs Secretary Arvind Mayaram, in its Sept 19 meeting will also consider 30 other proposals

The proposals of Axis Bank and HCL Technologies to raise foreign shareholding limit will be taken up for consideration by the Foreign Investment Promotion Board (FIPB) next week.

The FIPB, headed by Department of Economic Affairs Secretary Arvind Mayaram, in its September 19 meeting would also consider 30 other proposals, including six from the pharmaceutical sector.

Axis Bank had approached the FIPB last month soon after the RBI said the limit of investments through Global Depository Receipts (GDRs), American Depository Receipts (ADRs), FDI, NRI, FIIs in the bank had breached the overall limit of 49% of its paid-up capital.

Besides, HCL Technologies has also approached the FIPB to seek nod for induction of foreign funds.

The country's fourth largest software services exporter had in July said it will raise investment limit for foreign institutional investors (FIIs) in the firm to 49% from 30%, subject to government approval.

The pharma sector proposals that would be discussed by the board include that of Shantha Biotechnics, Acebright (India) Pharma, SD Bio Standard Dignostics and Hyderabad-based Laurus Labs.

The other applications which are before the FIPB for consideration are that of manufacturer of military and civil helicopters Indian Rotocraft, Octania Aerostructure Group and Jubilant Aeronatics, among others.