FIPB clears Bandhan, 22 other FDI proposals

New Delhi (TIP) July 14: The foreign Investment Promotion Board (FIPB) today cleared 23 FDI proposals out of the 47 proposals which were considered in the meeting.

The proposals cleared includes Bandhan, Catholic Syrian Bank, GSK Pharma, Mylan Laboratories and Den Networks, among others.

Universal banking licence has been granted to Bandhan by the Reserve Bank of India (RBI) and Catholic Syrian Bank has received approval from Securities and Exchange Board of India(SEBI) to raise up to Rs 400 crore (US$ 63 million) through an initial public offer.

During FY2014-15, Foreign Direct Investment(FDI) registered a growth of 27 per cent Y-o-Y to reach US$ 30.93 billion as against US$ 24.29 billion in FY2013-14, according to the data released by Department of Industrial Policy and Promotion (DIPP).

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