The Foreign Investment Promotion Board (FIPB) in its meeting today took 14 FDI proposals, including that of Axis Bank and Wockhardt Ltd.
FIPB, chaired by Economic Affairs Secretary Shaktikanta Das, also considered the proposal of Aurobindo Pharma, One97 Communications, Advanced Enzyme Technologies and Macmillan Publishers International Ltd.
The Foreign Investment Promotion Board (FIPB) in its meeting today cleared 5 out of 14 proposal, a finance ministry official said.
The proposal of Axis Bank was to hike foreign shareholding limit from 62 per cent currently to 74 per cent.
The proposal entails foreign investment worth Rs 12,900 crore.
At present, private banks have a total foreign limit of 74 per cent, of which FII limit is 49 per cent.
The other proposals which were cleared include that of Pharma firm Wockhardt and Aurobindo.
FIPB clears FDI proposals worth Rs 13,000 cr including Rs 12,900-cr proposal of Axis Bank to raise foreign holding to 74 per cent.
The inter-ministerial panel can approve foreign investment proposals of up to Rs 5,000 crore.
