India clears six FDI proposals worth Rs 1,186.50 cr

The central government on Thursday cleared six foreign direct investment (FDI) proposals worth Rs 1,186.50 crore.

According to the Ministry of Finance, the government approved the six FDI proposals on the basis of recommendations received from the Foreign Investment Promotion Board (FIPB).

"Based on the recommendations of FIPB in its 242nd meeting held on 29th December 2016, the government has approved six FDI proposals," the ministry said in a statement.

The ministry disclosed that proposals of Recipharm Participation B.V. Netherlands, A. Menarini India Private and Boehringer Ingelheim India among others were approved.

However, six proposals including those from Gland Pharma, Flag Telecom Singapore and Crest Premedia Solutions were deferred.

The government rejected three proposals from Tandberg Technology India, AMP Solar India and Bashundhara Paper Mills India.

The overall FDI inflows into India increased by 30 per cent to $21.62 billion during the first half of 2016-17 as compared to the same period during the last fiscal year.

The FDI inflows into the country grew by 29 per cent to $40 billion in 2015-16, as compared to $30.94 billion in the previous financial year.

--IANS

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