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HindustanTimes Mon,21 Apr 2014

Nearly 50 proposals on FDI up for nod

PTI  New Delhi, October 14, 2012
First Published: 22:01 IST(14/10/2012) | Last Updated: 22:03 IST(14/10/2012)

About 50 FDI proposals including those of Larsen and Toubro (L&T) and Mahindra and Mahindra (M&M) will come up for consideration at the Foreign Investment Promotion Board (FIPB) meeting to be held here on Friday amid renewed efforts by the centre to attract private investments.

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"The 182nd meeting of the FIPB will be held on October 19," the finance ministry communication said. The meeting will be headed by economic affairs secretary Arvind Mayaram.

In the last meeting, the FIPB had approved 14 proposals of Foreign Direct Investment amounting to Rs. 113.4 crore.

As per the agenda note, of the total 49 proposals, 16 are fresh and 19 are those on which decisions were deferred in previous meetings.

Six applicants, including Arshiya International and DPD Continental, have filed representations against rejection of their proposals by FIPB in earlier meetings.

While India allows FDI in most segments via the automatic route, the FIPB clears proposals related to sensitive sectors like defence and telecom. As per the agenda, six proposals - including M&M and L&T - relate to defence production and three to the telecom sector.

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