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The Foreign Investment Promotion Board (FIPB) has cleared 14 foreign direct investment (FDI) proposals including that of Sistema Shyam Teleservices, Eros International Media and IIFL Holdings on Friday.
It is scheduled to meet again on September 22 to take up 25 more proposals from companies such as HDFC Capital Advisors, Sun Pharma Advanced Research, Aditya Birla Nuvo and Cipla.
A total of 23 FDI proposals were considered by the FIPB at its meeting on Friday of which it deferred decisions on five and rejected four, according to a government official.
Other proposals that were approved include Indian Rotorcraft, AGS Transact Technologies and O-Zone Networks, the official added.
The FIPB is chaired by the Secretary, Department of Economic Affairs, and is attended by senior officials from ministries and departments such as Commerce & Industry, IT & Telecom and Home.
The next meeting, scheduled on September 22, will also consider FDI proposals from Strides Acrolab Ltd, Multi Screen Media Pvt Ltd, IVF Trustee Company, Sharekhan Ltd, International Trade and Exhibitions India, Blue Star Infotech Ltd and Gulf Packaging Machines.
Last fiscal, FDI flow into India grew by about 40 per cent year-on-year to ₹1.76 lakh crore. Top sectors to receive FDI include services, automobiles, telecommunication, computer software and hardware and pharmaceuticals.
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