FIPB clears FDI proposals worth Rs 94 cr

Foreign Investment Promotion Board (FIPB) today said it has approved four FDI proposals entailing overseas investments of about Rs 93.81 crore including that of Dr Reddy's and Oxford University Press.

Based on the FIPB recommendations "in its 241st meeting held on October 27, 2016, the Central Government has approved four FDI proposals. The proposals approved included Dr. Reddy's Laboratories Ltd's foreign investment worth Rs 36 crore," a Finance Ministry statement said.

The Board also cleared proposals of M/s Quintillion Business Media Pvt. Ltd and M/s BMJ Group lndia Pvt Ltd.

Headed by Economic Affairs Secretary Shaktikanta Das, FIPB also cleared Oxford University Press foreign investment proposal worth Rs 44.41 crore.

Four other proposals which were rejected included that of Harris Communications Systems lndia Pvt Ltd, Schoeller Technologies lndia Pvt Ltd and Barracuda Camouflage Pvt Ltd.

That apart, eight proposals, including that of Flag Telecom Singapore Pte Ltd were deferred.

FIPB can clear FDI proposals envisaging investment of up to Rs 5,000 crore and those involving higher investment are approved by the Cabinet Committee on Economic Affairs (CCEA).

FDI in most sectors is allowed through an automatic route but in certain sectors proposals have to go through FIPB.