FIPB to take up 47 foreign investment proposals tomorrow

Inter-ministerial body FIPB will take up 47 foreign investment proposals tomorrow including that of Bandhan Financial Services and Catholic Syrian Bank.

The investment applications also include a host of proposals related to pharmaceutical sector, said the agenda of the 221st meeting of the Foreign Investment Promotion Board (FIPB) that will take place on July 13.

Bandhan Financial Services has been granted universal banking licence by the Reserve Bank. The bank will be launched next week.

Catholic Syrian Bank has received capital market regulator Sebi's approval to raise up to Rs 400 crore through an initial public offer (IPO).

The FIPB, chaired by Finance Secretary Rajiv Mehrishi, can recommend foreign investment proposals worth up to Rs 3,000 crore to the Finance Minister for approval.

Other items on the agenda include that of GlaxoSmithKline Asia, Novartis Healthcare, Mylan Laboratories, Sikorsky Aircraft Corporation and Diabu Diamond Tools India.

Investment proposals of Volkswagen Finance, ADC India Communications, DEN Networks, Reliance Globalcom, Sistema Shyam Teleservices and Indian Rotocraft are also on the agenda.

India allows FDI in most of the sectors through automatic route, but in certain segments considered sensitive for the economy and security, the proposals have to be first cleared by FIPB.

During the 2014-15 fiscal, FDI grew 27 per cent year-on- year to USD 30.93 billion as against USD 24.29 billion in 2013-14, according to the data of Department of Industrial Policy and Promotion.