Investment Board to Take Up 33 Proposals on March 7

Investment Board to Take Up 33 Proposals on March 7
New Delhi: The Foreign Investment Promotion Board (FIPB) will on March 7 take a call on 33 proposals, including those belonging to the insurance sector.

The investment proposals of Nippon Life Insurance Company, Tata AIA Life Insurance Company and Aviva Life Insurance Co lndia are on the agenda of the 232nd meeting of the inter-ministerial panel (FIPB).

Headed by Economic Affairs Secretary Shaktikanta Das, the FIPB recommends foreign investment proposals that are up to Rs 5,000 crore to government for approval.

As per the agenda circulated to secretaries of different ministries and departments, the investment board would take up proposals of Apollo Hospitals Enterprise, Whirlpool Asia Pvt Ltd, Bupa Singapore Holdings Pte Ltd, and Sun Life Financial (India) Insurance Investment Inc, Lupin Ltd and Yes Bank.

Investment proposals of Standard Chartered (I) Modeling and Analytics Centre Pvt Ltd, Sun Pharma Advanced Research Co, Almondz Insurance Brokers Pvt Ltd, Tata Sikorsky Aerospace Limited, International Asset Reconstruction Co Pvt, and HSBC Securities and Capital Markets (India) Pvt Ltd are some of the other items on the agenda.

India allows FDI in most sectors through automatic route, but in certain segments considered sensitive for the economy and security, the proposals have to be first cleared by the FIPB.

The government has relaxed FDI norms in as many as 15 sectors, including defence, single brand retail, construction development, civil aviation and LLPs, to boost FDI in the country.