FIPB to take up FDI proposals of M&M, Pfizer on Friday

Last Updated: Sunday, July 22, 2012 - 12:18

New Delhi: Mahindra Group's proposal for FDI in defence production and an application by pharma major Pfizer for inducting foreign equity in its company are likely to come up for consideration of FIPB on Friday.

The Foreign Investment Promotion Board (FIPB), which clears Foreign Direct Investment (FDI) requests in certain sensitive and strategic sectors, had deferred its decision on the two applications in a meeting held on June 1.

These two FDI proposals and 23 others are on the agenda of the FIPB which will meet on July 27, an official said.

The meeting was earlier scheduled for July 20 but was later postponed by a week. FIPB is headed by Secretary of Department of Economic Affairs R Gopalan.

Mahindra and Mahindra is seeking FIPB's approval to set up a new joint venture with Rafael Advanced Defence Systems for production and development of naval defence system and other products.

Pfizer's application is for permission to induct foreign equity in an operating-cum-investing company to carry out business in pharmaceutical sector.

Other FDI proposals which are on the agenda include that of Anamika Tea Holding, Mauritius; Fresenius Kabi (Singapore) Pte., Singapore; Multi Screen Media and Walt Disney Company (Southeast Asia) Pte.

FDI inflows in the country in 2011-12 was USD 36.50 billion.

India allows FDI in most of the sectors through automatic route, barring in certain sensitive segments like telecom and defence for which clearance from FIPB is required.


First Published: Sunday, July 22, 2012 - 12:18

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