Govt clears Sharekhan's Rs 2,060 crore FDI proposal

Govt clears Sharekhan's Rs 2,060 crore FDI proposal

Govt clears Sharekhan's Rs 2,060 crore FDI proposal

The government on Monday approved leading brokerage Sharekhan’s foreign direct investment (FDI) proposal worth Rs 2,060 crore along with 10 others totalling Rs 2,325 crore.

The Sharekhan proposal was for selling 100% stake to BNP Paribas, sources in the finance ministry said. The proposal was cleared by inter-ministerial panel.

Besides, the Foreign Investment Promotion Board (FIPB) cleared the proposal of Perrigo India worth Rs 253 crore. Other proposals approved included Pepe Jeans and IBM.

Three proposals including that of Idea Cellular Infrastructure Services and Flag Telecom were deferred for want of more information. Another four proposals were rejected. The proposal of Morgan Stanley for Rs 95 crore was approved through the automatic route.

India has recently opened the door for FDI in most sectors through the automatic route, but in certain segments considered sensitive for the economy and security, the proposals have to be first cleared by the FIPB.

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