FIPB clears 6 FDI proposals worth Rs 1,200 cr

Inter-ministerial body FIPB today approved six investment proposals, including that of Sanofi Synthelabo India, Star Den Media Services and Idea Cellular Infrastructure Services, envisaging foreign investment of Rs 1,200 crore.

"6 out of 17 FDI proposals got approval," sources said.

Other proposals which got green signal were Boehringer Ingelheim India Pvt Ltd, A Menarini India Pvt Ltd and Recipharm Participation.

The Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Shaktikanta Das, rejected three proposals, including that of AMP Solar India Pvt Ltd.

Six proposals were deferred for further consultation and want of more information, sources added.

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.

With growth in FDI in important sectors like services and manufacturing, overall foreign inflows in the country rose by 30 per cent to USD 21.62 billion during the first half of 2016-17.

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.