INDIA: India Foreign Investment Promotion Board to Take Up Further FDI proposals

Monday July 23 2012

It has been reported that Mahindra Group`s proposal for India FDI in defence production in India and an application by pharma major Pfizer for inducting foreign equity in its company are likely to come up for consideration of FIPB on Friday.

The Indian Foreign Investment Promotion Board (FIPB), which clears Foreign Direct Investment (FDI) requests in certain sensitive and strategic sectors, had deferred its decision on the two applications in a meeting held on June 1.

These two FDI proposals and 23 others are on the agenda of the FIPB which will meet on July 27.

Mahindra and Mahindra is seeking FIPB`s approval to set up a new joint venture with Rafael Advanced Defence Systems for production and development of naval defence system and other products.

Pfizer`s application is for permission to induct foreign equity in an operating-cum-investing company to carry out business in pharmaceutical sector.

This information will be updated as more details become available