Government on Monday said that it has cleared 13 FDI proposals totalling Rs 1,258 crore and referred Axis Bank's proposal for increasing foreign equity amounting to about Rs 6,266 crore for consideration of the Cabinet. The Foreign Investment Promotion Board (FIPB), in its 19 September meeting, had also deferred decision on 8 FDI applications while two were rejected, it said.
'Based on the recommendations of Foreign Investment Promotion Board (FIPB), government has approved 13 Proposals of FDI amounting to Rs 1258.53 crore approximately,' the Finance Ministry said.
It further said the proposal of private sector lender Axis Bank, amounting to Rs 6,265.76 crore has been recommended for consideration of Cabinet Committee on Economic Affairs as the investment involved in the application is above Rs 1,200 crore.
'Based on the recommendations of Foreign Investment Promotion Board (FIPB), government has approved 13 Proposals of FDI amounting to Rs 1258.53 crore approximately,' the Finance Ministry said.
It further said the proposal of private sector lender Axis Bank, amounting to Rs 6,265.76 crore has been recommended for consideration of Cabinet Committee on Economic Affairs as the investment involved in the application is above Rs 1,200 crore.