Foreign Investment Promotion Board (FIPB) will be taking a call on 33 foreign investment proposals, in its 232nd meeting which will be held on March 07, under the chairmanship of Secretary (Economic Affairs) Shaktikanta Das. The proposals include those belonging to the insurance sector. FIPB recommends foreign investment proposals that are up to Rs 5,000 crore to government for approval.
FIPB would take up proposals of Apollo Hospitals Enterprise, Whirlpool Asia, Bupa Singapore Holdings, Sun Life Financial (India) Insurance Investment, Lupin and Yes Bank, as per the agenda circulated to secretaries of different ministries and departments. Besides the investment proposals of Nippon Life Insurance Company, Tata AIA Life Insurance Company and Aviva Life Insurance Co lndia are also on the agenda of the meeting.
Further, other investment proposals which are on the agenda include those of Standard Chartered (I) Modeling and Analytics Centre, Sun Pharma Advanced Research Co, Almondz Insurance Brokers, Tata Sikorsky Aerospace, International Asset Reconstruction Co, and HSBC Securities and Capital Markets (India).
In order to boost FDI in the country, the government has relaxed FDI norms in as many as 15 sectors, including defence, single brand retail, construction development, civil aviation and LLPs. Recently, the government has approved 10 FDI proposals amounting Rs 607 crore, including proposal of Alstom Manufacturing India worth Rs 400 crore on the recommendations of FIPB.