Government approves 6 FDI proposals worth Rs 1200 crore
Government on Thursday approved six proposals of Foreign Direct Investment (FDI) of nearly Rs 1,200 crore.
These companies are Sanofi Synthelabo India, Star Den Media Services, Idea Cellular, Recipharm Participation B.V. Netherlands, Boehringer Ingelheim India Pvt. Ltd, A. Menarini India Private Limited.
There were 17 proposals which were recommended by FIPB in its 242nd Meeting held on 29th December 2016. The meeting was headed by Economic Affairs Secretary Shaktikanta Das.
Out of 17, six proposals which were deferred were Gland Pharma Limited, Flag Telecom Singapore Pte Limited, Crest Premedia Solutions Pvt. Ltd, Scientific Publishing Services Pvt Ltd, You Broadband India Limited and Netmagic Solutions Pvt. Ltd.
Three proposals which got rejected were by Tandberg Technology India Pvt. Ltd, AMP Solar India Private Limited and Bashundhara Paper Mills India Private Limited.
According to a PTI report, India allows FDI in most sectors through the automatic route, but in certain segments considered sensitive for the economy and security, the proposals have to be first cleared by FIPB.
With growth in FDI in important sectors like services and manufacturing, overall foreign inflows in the country rose by 30% to $21.62 billion during the first half of 2016-17, a PTI report had said.