Govt to take up 36 FDI proposals on Jan 22

Govt to take up 36 FDI proposals on Jan 22

The first meeting of the Foreign Investment Promotion Board this year, to be held on January 22, will see 36 FDI proposals being considered including those of Indian Energy Exchange, Viacom 18 Media, Glenmark Pharmaceuticals and Johnson & Johnson.

India allows Foreign Direct Investment in most of the sectors via automatic route. The nod from FIPB in the Finance Ministry is required in certain sectors like pharmaceutical and defence, which are considered as sensitive areas.

At the forthcoming meeting, FIPB will also consider proposals of J P Morgan Asset Marketing (Asia), Touchstone Trust, Blue Star Infotech, Aurbindo Pharma, Hospira Pte Ltd, Sai Life Sciences, Mylan Laboratories Ltd, Centurion Laboratories and Montblanc Services BV, and others.

Recently, the government has taken several steps to boost FDI inflow into the country. It has de-licensed several defence products for private players, besides hiking the foreign investment cap to 49 per cent in the sector.

Last month, the government approved promulgation of an Ordinance to hike FDI cap in the insurance sector to 49 per cent from 26 per cent, as the legislation could not be passed in the winter session of Parliament.

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