The government has approved three foreign direct investment (FDI) proposals, all related to the pharmaceutical sector, worth Rs. 60.73 crore.
Axis Bank’s FDI proposal worth Rs. 12,973.14 to increase foreign investment by FIIs/NRIs/FPIs/ADRs/GDRs from 62 per cent to 74 per cent has been referred to the Cabinet Committee on Economic Affairs. This is in line with the government policy to refer all FDI proposals above Rs. 5,000 crore to the CCEA. Eight proposals including ones from Macmillan Publishers, UK, JCB International, Janalakshmi Financial Services and Fans Asia have been deferred, while a proposal by Rafique Dawood in the manufacturing sector has been rejected, an official release circulated on Wednesday stated. The decisions by the Finance Ministry are based on the recommendations made by the FIPB at its meeting of April 29.