Comments
The Foreign Investment Promotion Board on Friday cleared five foreign direct investment proposals worth ₹13,030 crore, including one by Axis Bank for ₹12,900 crore.
“FDI proposals of over ₹13,000 crore were recommended for approval. This shows that the inflow of investments continues,” tweeted Economic Affairs Secretary Shaktikanta Das after the meeting. The largest proposal of those cleared was by private sector lender Axis Bank to hike its foreign shareholding limit from 62 per cent to 74 per cent. The proposal involves foreign investment worth ₹12,900 crore.
Under current norms, private banks can have a total foreign limit of 74 per cent, of which the foreign institutional investment limit is 49 per cent.
In all, the FIPB agenda included 14 proposals.
The other proposals that were approved include those by pharma firms Wockhardt and Aurobindo, said an official.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.