Govt approves 10 FDI proposals worth Rs 505 crore


An inter-minister panel on Friday cleared 10 foreign direct investment (FDI) proposals worth Rs 505 crore, including that of Singapore-based Helix Investment.

Foreign Investment Promotion Board (FIPB), chaired by the Economic Affairs Secretary Shaktikanta Das, has approved 10 proposals out of 18 on the agenda.

Helix Investment Pte proposal worth Rs 475 crore was approved by the board, a Finance Minister official said.

Of the 18, two proposals were rejected and four including that of Sharekhan was deferred.

India allows FDI in most of the sectors through automatic route. However, the investment in certain sectors needs the clearance of the FIPB.During April-December of last fiscal, FDI into the country grew by 40%, year-on-year, to $29.44 billion (nearly Rs 1.96 lakh crore).

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