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

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.