Thirteen foreign direct investment (FDI) proposals, worth Rs 1,258.53 crore, were cleared recently by the Union government. The FDI proposals include request to invest Rs 755 crore by Shantha Biotech acquired by French company Sanofi Aventis.
These FDI proposals worth over Rs 1,200 crore need to be approved by the Cabinet. Based on the decision taken in the meeting of the Foreign Investment Promotion Board (FIPB) on September 19, the Finance Ministry has also decided to refer Axis Bank’s proposal for increasing foreign equity amounting to about Rs 6,266 crore for consideration of the Cabinet.
Axis bank had sought FIPB’s nod to increase foreign equity from the existing 49 per cent to 62 per cent. Other major proposals that have been approved include Rs 222.8 crore by Equitas Holdings’ and Rs 156 crore by Stork Titanium, an official release said.