FIPB to consider 17 FDI proposals on Feb 3

The proposals include that of INX Music and Soma Tollways

The Finance Ministry will take up 17 foreign investment proposals, including that of INX Music and Soma Tollways, on February 3.

The Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Arvind Mayaram, is scheduled to meet on February 3.

As per the agenda, FIPB will take up investment proposal of INX Music, a company which distributes music content for TV channels.

The company is seeking FIPB's permission to undertake additional activity of broadcasting of non-news and current affairs channels. The FIPB had taken up the proposal in its two earlier meetings, but deferred a decision on it.

Soma Tollways has sought the Board's nod for post facto approval for increase in foreign equity in an investing company.

FIPB will also take up Veriant Systems's proposal.

The company is seeking permission to undertake cash and carry wholesale trading and export trading in respect of only Enterprise Intelligence Systems (EIS) and Video Intelligence Systems (VIS) products related to telecom and defence, without any condition of seeking prior approval before making every sale.

Gastaad Hotels has approached FIPB for post facto approval for issue of partly paid up shares to the foreign investor.

Other proposals on the agenda include that of Yes Regulatory Healthcare Services India, Eurecat India Catalyst Services, L&T Infrastructure Development Projects and Welspun Renewables Energy.

India allows foreign direct investment in most of the sectors through automatic route, but permission of FIPB is required for FDI in certain segments considered sensitive for the economy.

FDI inflows during April-November of the current financial year declined 15% to $12.6 billion from $14.7 billion in the same period a year earlier.