"As FM, I granted approval in the normal course of business," he said in a statement. Chidambaram's remarks comes a day after the Supreme Court asked the CBI to file status report on the probe being carried out on various aspects of the Aircel-Maxis deal.
FM Arun Jaitley had announced in the budget for 2017-18 the government‘s intent to replace FIPB with a new system to ease FDI rules and remove procedural delays
As reported in Moneycontrol on Monday, the government may allow limited sale of beauty and personal care products in global giants' food retail outlets as part of plans to ease rules for multinationals to open stores in the country.
Disbanding FIPB will further improve ease of doing business and the respective regulators of the ministries concerned are "sufficient" to take care of investment proposals, Commerce and Industry Minister Nirmala Sitharaman today said.
Of the total, Recipharm Participation BV of Netherlands alone will bring in investment of Rs 950 crore.
The Board also cleared proposals of M/s Quintillion Business Media Pvt. Ltd and M/s BMJ Group lndia Pvt Ltd.
According to a company official, foreign investment of Rs 100 crore is sought to be put in by existing investors, including an overseas venture capital fund.
Tikona Digital Networks' Rs 267-crore proposal to increase foreign equity to 76.73 percent through issuance of CCDs was approved by the government.
Inter-ministerial body FIPB will consider 12 foreign investment proposals, including that of Financial Times, Reckitt Benckiser India, HSBC Securities and Capital Markets, on August 2.
US technology giant Apple Inc will have to re-submit its application for opening single brand retail trade stores in the country and issues concerning cutting edge technology will be settled by the concerned administrative ministry, an official said
Manufacturing and job generation will get a boost by the latest round of liberalisation in Foreign Direct Investment (FDI) norms that include doing away with dual clearances, Economic Affairs Secretary Shaktikanta Das said on June 20
According to a proposal of the Finance Ministry, FDI up to 49 percent should be allowed through the automatic route and anything beyond through approval of the Foreign Investment Promotion Board (FIPB), sources said.
The company has sought exemption from the local sourcing norms as the US-based giant makes state-of-the-art and cutting-edge technology products for which local sourcing is not possible.
The FIPB has told Department of Industrial Policy and Promotion that there isn‘t enough material on record to justify the 'state-of-the-art tech' claim to exempt Apple from sourcing locally.
The company has sought exemption from the local sourcing norms as the US-based giant makes state-of-the-art and cutting edge technology products for which local sourcing is not possible.
The proposal of Axis Bank to increase foreign investment by FIIs, NRIs, FPIs, ADRs or GDRs from 62 per cent to 74 per cent on a fully fungible basis was cleared by the FIPB in its April 29 meeting.
BJP leader Subramanian Swamy on May 11 moved the Delhi High Court seeking "immediate suspension" of flying licence granted to airline AirAsia India alleging that it had obtained it through "fraud".
Max India, formerly Taurus Ventures, today said it has got approval of the Foreign Investment Promotion Board (FIPB) for issuance of shares of the demerged entity to foreign shareholders.
The Finance Ministry yesterday said that the Foreign Investment Promotion Board (FIPB) in its meeting on April 8 had deferred decision on the 'post-facto approval' sought by the JV, but did not give any reasons.
Indian Rotorcraft, a joint venture of AgustaWestland (a Finmeccanica company) and Tata Sons for setting up an assembly line for the AW119Ke helicopter, had sought post-facto approval of the FIPB for increased FDI inflow of Rs 19.64 crore as against Rs 17.6 crore approved in September 2011.
The Foreign Investment Promotion Board (FIPB) has hiked the foreign portfolio investor (FPI) limit in Axis Bank from 62 percent earlier to 74 percent.
Foreign Investment Promotion Board (FIPB), chaired by Economic Affairs Secretary Shaktikanta Das, has approved 10 proposals out of 18 on the agenda.
Currently, FDI up to 26 percent is permitted through automatic approval route. For FDI up to 49 percent, the approval of Foreign Investment Promotion Board is required.
The Foreign Investment Promotion Board (FIPB) today cleared 16 FDI proposals worth Rs 14,000 crore including that of Japan's Nippon hiking stake in Reliance Life Insurance to 49 per cent, as also that of four other foreign insurers.