FIPB to take up 54 foreign investment proposals this week

The government will consider 54 foreign direct investment (FDI) proposals, including those of Hero Investment and Sistema Shyam Teleservices, at its meeting this week.

The February 11 meeting of Foreign Investment Promotion Board (FIPB) will be chaired by new Finance Secretary Sushma Nath, who took over the position last week after the retirement of Ashok Chawla.

"The meeting was earlier scheduled for February 4, but now it will take place next week," an official said.

FIPB approves FDI proposals that are not permitted under the automatic route. Various ministries like Defence, Home Affairs, Economic Affairs as well as the Department of Industrial Policy and Promotion (DIPP) participate in the process of approving foreign investments.

Pipavav Shipyard is among the 54 companies that have sought the Board's nod for bringing in FDI.

Besides, the requests of Hero Investments Private, Reckitt Benckiser, UK; and Arshiya International are also on the agenda.

The board is also likely to take up some cases on which the decisions were deferred at the earlier meetings.     These include proposal of Reliance Broadcast Network, the Anil Ambani Group company that is in FM radio business. The proposal is to bring foreign investment through portfolio investments or private placement of equity.

ABG Shipyard's request for entry into defence contracts, decision on which was deferred earlier, would also come up for discussion.

Some of the other applications include companies like GMR Airports Holding, Kirloskar Ferrous Industries, SDP Telecom (India), Kanchipuram and Essar Capital Holdings (India).

FIPB, in its last meeting, had approved eight foreign investment proposals worth Rs 883.16 crore.

India has attracted FDI equity inflows worth Rs 64,083 crore (about $14 billion) during April-November 2010-11.