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Indian finance ministry to take up 35 FDI proposals

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Staff writer ▼ | September 8, 2014
Finance ministry will take call on 35 foreign direct investment proposals, including that of Bharti Shipyard and Verizon Communications, later this month.
India money
Investment   The Foreign Investment Promotion Board
The Foreign Investment Promotion Board (FIPB) headed by finance secretary Arvind Mayaram will hold its 210th meeting on September 16 and there are 35 proposals on the agenda, the ministry said.

Bharti Shipyard, an Indian company in shipbuilding sector which has existing FDI through FIIs and NRIs proposes to undertake defence activities.

Verizon Communications India is seeking approval to increase foreign equity participation by its foreign parent from 74% to 100%. The FIPB had deferred decision on the proposal in its meeting held on August 1.

Among other proposals that are in the agenda include that of Sistema Shyam Teleservices, IndusInd Bank, HBM Private Equity India, Hatsoff Helicopter Training, Instant Global Money Transfer and Tara India Fund IV Trust.

India allows FDI in most of the sectors through automatic route, but in certain sensitive sectors like defence, pharma and telecom investors require prior approval of FIPB.