FIPB to Consider Kotak Bank, 12 Other Proposals on July 3

New Delhi: The Foreign Investment Promotion Board (FIPB) on Friday will take up for the fourth time the proposal of Kotak Mahindra Bank for raising foreign investment limit in the bank to 55 per cent.
  The FIPB, chaired by Finance Secretary Rajiv Mehrishi, will also consider 12 other foreign investment proposals in its meeting on July 3, as per the FIPB agenda.
  The other proposals to be considered by the panel include that of Hathway Cable and Datacom, DEN Networks and Sistema Shyam Teleservices.
  Hathway Cable has sought approval for increasing foreign investment limit for FIIs and FPIs, from 49 per cent to 74 per cent.
  Besides, DEN Networks proposes to raise foreign investment limit beyond 49 per cent to up to 74 per cent by FII, NRI, FPI and other foreign investors through secondary market route.
  Moreover, FIPB would also consider the proposals of defence firm Indian Rotorcraft, Mauritius-based Destimoney Enterprises Ltd (DEL) and Celon Laboratories.
  Reliance Globalcom, Keppel Puravankara Development, and O-zone Networks are also among the proposals to be considered on Friday.
  FIPB is a single window clearance system for proposals on FDI. India allows FDI in most of the sectors through automatic route, but in certain segments considered sensitive for the economy and security, the proposals have to be first cleared by FIPB.
  FIPB had considered Kotak Bank's proposal in its meeting on April 30, May 28 and June 15, but had deferred the decision on want of comments from departments.
  The Reserve Bank has barred overseas investments in the private sector lender after foreign shareholding in it hit the permissible threshold following merger of ING Vysya Bank with Kotak Bank.
  Investments from FIIs, FPIs and foreign banks had reached 48.55 per cent in the merged entity.