Inter-ministerial body FIPB has cleared nine proposals including that of Cadila Healthcare and Volvo Asset Finance India. Barring Cadila Healthcare, other eight proposals cleared by the Foreign Investment Promotion Board (FIPB) will result in inflow of about Rs 1,200 crore into the country.
Cadila Healthcare proposal came for reconsideration at the FIPB following the changes made by the government in foreign direct investment (FDI) policy last month. Earlier, Cadila proposal was cleared and recommended to seek Cabinet Committee on Economic Affairs (CCEA) nod as the investment proposals was over Rs 3,000 crore. However, as per the revised norms, the FIPB could itself give clearance to FDI proposals up to worth Rs 5,000 crore. Therefore, the Cadila Healthcare proposal again came up for consideration before the FIPB.
The FIPB, headed by Economic Affairs Secretary Shaktikanta Das, deferred few proposals including Holcim (India), HSBC Securities and Capital Markets and Raheja QBE General Insurance. It also rejected two proposals of Mokeme Chiwetal Izuchukwu and Lanarth Developers Pvt Ltd.