Govt clears foreign investments worth Rs 12,200 crore

15 of 24 FDI proposals were approved while three were rejected, say sources

An inter-ministerial body on Tuesday approved 15 foreign investment proposals, including those relating to Apollo Hospitals, Hindustan Aeronautics, Dr Reddy's, and Vodafone, worth Rs 12,200 crore.

"15 of 24 FDI proposals were approved while three were rejected," sources said.

The Foreign Investment Promotion Board (FIPB), headed by economic affairs secretary Shaktikanta Das, deferred six proposals, including that of Gland Pharma.

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

Among the proposals approved, Twinstar Technologies will alone bring foreign capital of Rs 9,000 crore into the country.

Besides, proposal of Apollo Hospitals worth Rs 750 crore and that of public sector unit Hindustan Aeronautics worth Rs 170 crore for helicopter manufacturing also got green signal from FIPB.

The government has already announced winding up of FIPB and putting in place a new mechanism, in an attempt to improve ease of doing business.

Finance Minister Arun Jaitley in his Budget 2017-18 announced abolishing FIPB, saying 90 per cent of foreign investment approvals are via automatic route and only 10 per cent through FIPB. 

Currently, FIPB offers single-window clearance for applications on FDI in India that are under the approval route.