Millennium Post

FIPB to consider 26 FDI proposals on 1 October

The Foreign Investment Promotion Board (FIPB) will take up 26 FDI proposals, including that of HDFC Bank and Punj Lloyd, on Wednesday.

The other proposals before the FIPB include Holcim (India) Pvt Ltd, O-zone Networks Pvt Ltd and Turner General Entertainment Networks.

As per the agenda before the board, headed by Finance Secretary Arvind Mayaram, there are seven foreign direct investment (FDI) proposals from the pharmaceutical sector. The pharma firms which have approached the FIPB include Sun Pharmaceutical Industries, Panacea Biotech and Sanofi- Synthelabo.

While the proposal of Punj Lloyd pertains to the defence sector, another firm IdeaForge Technology has also applied for FDI in the sector. HDFC Bank's proposal for increasing the foreign holding in the bank to 67.55 per cent from 49 per cent has been pending before the FIPB since late last year.

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