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New Delhi, April 29
The FIPB today cleared Rs 13,030 crore worth of foreign direct investment (FDI) proposals, including that of hiking foreign investment limit in Axis Bank.
“FDI proposals for more than Rs 13,000 crore recommended for approval. Inflow of investments continue,” Economic Affairs Secretary Shaktikanta Das said.
The Foreign Investment Promotion Board (FIPB) in its meeting today cleared 5 out of 14 proposals, a Finance Ministry official said.
The proposal of Axis Bank was to hike foreign shareholding limit from 62% currently to 74%.
The proposal entails foreign investment worth Rs 12,900 crore.
At present, private banks have a total foreign limit of 74%, of which FII limit is 49%.
The other proposals which were cleared include that of Pharma firm Wockhardt and Aurobindo. PTI
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