1. Home
  2.  |  
  3. Economy Current Affairs  |  

Union Finance Ministry approved 25 FDI proposals with total investment of 1546 crore rupees

Oct 15, 2014 19:06 IST

Union Finance Ministry on 14 October 2014 approved 25 FDI proposals with total investment of 1546 crore rupees.

The proposals were cleared by the Union Finance Ministry following rthe ecommendations for the same by Foreign Investment Promotion Board (FIPB), a multi-department panel headed by Finance Secretary Arvind Mayaram.

The proposals include six of single brand retail trade with multi-brand retail trading (MBRT) applications of Flemingo International (BVI) and Miami Perfume Junction, Inc, USA.

The single-brand retail trading proposals which have been cleared include that of Lush Ltd, UK; Austria Puma Dassier Gesellchaft m.b.H, Austria and Bestseller United (Singapore) Pte Ltd, Singapore.

These MBRT proposals relate to investment in setting up shop in duty free area and selling products on board on international flights.

It further include three pharma sector applications, one of Laurus Labs, has also been cleared.

The applicant had sought approval to increase foreign investment up to 100 per cent in its paid up capital and direct foreign investment in its subsidiaries. The proposal entails an investment of 1800 crore rupees.

About FIPB

The Foreign Investment Promotion Board (FIPB) is a national agency of Government of India, with the remit to consider and recommend foreign direct investment (FDI) which does not come under the automatic route. It provides a single window clearance for proposals on FDI in India.

Is this article important for exams ? Yes70 People Agreed
Read more Current Affairs on: FIPB , Finance Ministry , FDI proposals

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK