Foreign Investment Promotion Board (FIPB) will be taking up17 Foreign Direct Investment (FDI) proposals, in its meeting on December 16.The proposals include those of Cadila Healthcare and Holcim (lndia) followingrecent changes in the FDI policy. Proposals of Cadila Healthcare and Holcim(lndia) were earlier recommended by the FIPB for consideration of CabinetCommittee on Economic Affairs (CCEA), but are listed on the agenda of theDecember 16 meeting.
FIPB had recommended the Rs 5,000 crore Cadila Healthcareproposal for consideration of CCEA. Cadila Healthcare is seeking approval forfresh equity infusion of up to Rs 5,000 crore under FDI route by QIBs throughQualified Institutional Placement on a private placement basis for theexpansion of the business.
Besides these two, the FIPB will also take up 15 otherinvestment proposals including that of HSBC Securities and Capital Markets(lndia), Gulf Quarry General Trading FZC, Sai Life Sciences, and EquitasHoldings. A proposal by Volvo Asset Finance India that was deferred in the lastmeeting will also be taken up.
According to the data of Department of Industrial Policy andPromotion (DIPP), during 2014-15 fiscal, FDI grew 27 percent year-on- year to$30.93 billion compared to that of $24.29 billion in 2013-14 fiscal year. Indiaallows FDI in most of the sectors through automatic route, but in certainsegments considered sensitive for the economy and security, the proposals haveto be first cleared by FIPB.