The Foreign Investment Promotion Board (FIPB) has approved four foreign direct investment (FDI) proposals at its meeting on Monday. This included one by pharmaceutical major Lupin.
However, the board, headed by Department of Economic Affairs Secretary Shaktikanta Das, has deferred once again the proposal of Anil Ambani’s Reliance Globalcom to acquire 100 per cent of the issued and paid up share capital of GCX India. According to sources, the matter was deferred on the same grounds as last time that the company needs to get security clearance from the Home Ministry before it is considered by FIPB.