Govt clears FDI proposals of Wockhardt, Aurobindo Pharma

FIPB also recommends Axis Bank proposal to hike foreign investment in the bank to 74% from 62% currently

The Foreign Investment Promotion Board (FIPB) has approved Rs 60.73 crore worth of foreign direct investment (FDI) proposals of Wockhardt, Aurobindo Pharma and Advanced Enzyme Technologies.

"The government has approved three proposals of FDI amounting to Rs 60.73 crore approximately," the finance ministry said in a statement here on Wednesday.

Enzyme Technologies FDI proposal is worth Rs 60 crore while Wockhardt and Aurobindo Pharma proposals are worth Rs 25 lakh and Rs 48 lakh respectively, it said.

The FDI proposals were approved at a FIPB meet held on April 29, the statement said.

The FIPB has also recommended the Axis Bank proposal, seeking increase in the foreign investment limit in the bank to 74 percent from the current 62 percent, to the Cabinet Committee on Economic Affairs (CCEA) for approval, the statement said.

The Axis Bank's proposal involves FDI of Rs.12,973.14 crore, it said.