FIPB clears FDI proposals worth Rs 13,000 crore

Zee Media Bureau

New Delhi: The FIPB on Friday cleared FDI proposals worth Rs 13,000 crore including Rs 12,900-cr proposal of Axis Bank to raise foreign holding to 74 percent.

The proposal of Axis Bank was to hike foreign shareholding limit from 62 per cent currently to 74 per cent. The proposal entails foreign investment worth Rs 12,900 crore.

At present, private banks have a total foreign limit of 74 per cent, of which FII limit is 49 per cent.

The other proposals which were cleared include that of Pharma firm Wockhardt and Aurobindo.

Inter ministerial panel FIPB can clear proposals worth up to Rs 5,000 crore. The ones above that
amount go to the Cabinet Committee on Economic Affairs (CCEA).

Foreign direct investment (FDI) into the country increased by 40 per cent to USD 29.44 billion
during April- December of 2015-16.

The foreign investment inflows were at USD 21.04 billion in the same period of previous fiscal.

With PTI Inputs