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FIPB to meet on Nov 15 to consider Vodafone, other proposals

Last Updated: Thursday, November 10, 2011 - 18:34


New Delhi: The Finance Ministry will consider 48 FDI proposals, including that of the Vodafone-Essar and MCX, at its meeting next week.
 
Besides Vodafone and MCX, the Foreign Investment Promotion Board (FIPB), will also take up the proposal of Bharati Shipyard, Dish TV and Unitech Wireless at a meeting scheduled for November 15.
 
The meeting, which was to be held on November 11, has been postponed to November 15, said a finance ministry official.
 
Vodafone Essar is seeking government's nod to induct foreign equity by transferring of shares of an Indian entity to non-residents. Decision on the proposal has been deferred in the past meetings of the FIPB.
 
Further, the board, headed by Economic Affairs Secretary R Gopalan, would also take up the request of Unitech Wireless, NDTV Lifestyle Ltd and Dish TV India Ltd for induction of foreign capital.
 
The proposal for Mauritius-based Ventureast Life Fund-III LLC for induction of foreign equity in a trust is also on the agenda of the board. In its September 30 meeting, the FIPB had deferred decision on the request.
 
While India allows FDI through automatic route in most of the sectors and activities, the FIPB nod is required if the project exceeds Rs 1,200 crore. The approval is also needed for bringing in foreign capital in sensitive sectors, like telecom and defence.
 
Representatives of various ministries and departments, like Home Affairs, Information & Broadcasting, Economic Affairs and Industrial Policy and Promotion (DIPP), would be present in the meeting.
     
In the last meeting, the board under the Finance Ministry, had cleared 11 proposals envisaging foreign direct investment of Rs 183 crore.

PTI

First Published: Thursday, November 10, 2011 - 18:34
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