FIPB clears 3 FDI proposals worth Rs 160 cr

The foreign investment promotion board on Friday cleared three FDI proposals worth Rs 160 crore.Of the 24 proposals which were on the agenda of the FIPB, 11 fell under the automatic route due to the new policy announced earlier this month, a Finance  Ministry official said. The 11 proposals were worth Rs 300 crore. So, in effect, the FIPB today discussed the remaining 13 proposals and cleared three. "Proposals of ScaleneWorks People Solutions LLP, GVK Biosciences and Singapore based GMS Pharma got cleared. They are worth Rs 160 crore," the official said.However, nine proposals were deferred and one was rejected by the FIPB, headed by Economic Affairs Secretary Shaktikanta Das.The proposal of HDFC Standard Life Insurance to increase foreign holding to 35 per cent from 26 per cent was deferred. The proposal of Firefly Networks and Tata Sikorsky Aerospace too was deferred.Besides, the proposal of ACN Cable Pvt Ltd was rejected.