October 29, 2013
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Foreign direct investment approvals advance multiple projects, with a major bank equity increase referred to a higher economic committee.
Government approved thirteen FDI proposals totaling about Rs. 1258.53 crore, authorising foreign equity induction, share transfers, warrants issuance and overseas restructuring across sectors including defence, pharma, microfinance, payments and media. One large banking proposal increasing foreign equity was referred to the Cabinet Committee on Economic Affairs. Additionally, eight proposals were deferred, two rejected, one advised for the automatic route, one found not to require FIPB approval, one outside FIPB's purview, and five were kept in abeyance pending regulatory or structural clarifications.