FIPB clears 10 FDI proposals worth Rs 505 crore

New Delhi: An inter-minister panel today cleared 10 foreign direct investment (FDI) proposals worth Rs 505 crore, including that of Singapore-based Helix Investment.

Foreign Investment Promotion Board (FIPB), chaired by Economic Affairs Secretary Shaktikanta Das, has approved 10 proposals out of 18 on the agenda.

Helix Investment Pte proposal worth Rs 475 crore was approved by the Board, a Finance Minister official said.

Of the 18, two proposals were rejected and 4 including that of Sharekhan was deferred.

India allows FDI in most of the sectors through automatic route. However, investment in certain sectors need clearance of the FIPB.

During April-December of last fiscal, FDI into the country grew by 40 per cent, year-on-year, to USD 29.44 billion.