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The Government will consider 48 proposals for foreign direct investment (FDI) during a meeting on Friday.
The proposals include those of HDFC Bank, defence equipment maker Punj Lloyd and a number of pharmaceutical ventures.
The Foreign Investment Promotion Board (FIPB) will meet after almost two months, this time under new Economic Affairs Secretary Rajiv Mehrishi, as the previous two meetings had been postponed.
HDFC Bank’s new proposal seeks post-facto approval of an increase in the foreign investment limit in the bank.
The bank had withdrawn an earlier proposal to increase the limit to 67.55 per cent because the FIPB had concluded that since its parent HDFC’s stake in the bank is also to be classified as foreign holding, any increase would breach the 74 per cent ceiling.
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