Government approves FDI proposals of Wockhardt, Aurobindo Pharma

New Delhi, May 18 (IANS) The Foreign Investment Promotion Board (FIPB) has approved Rs.60.73 crore worth of foreign direct investment (FDI) proposals of Wockhardt, Aurobindo Pharma and Advanced Enzyme Technologies.

“The government has approved three proposals of FDI amounting to Rs.60.73 crore approximately,” the finance ministry said in a statement here on Wednesday.

The decision was taken at a FIPB meet held on April 29, the statement said.

The FIPB has also recommended to the Cabinet Committee on Economic Affairs (CCEA) for approval the Axis Bank proposal to increase the foreign investment limit in the bank to 74 percent from the current 62 percent, the statement said.

The Axis Bank’s proposal involves FDI of Rs.12,973.14 crore, it said.

–IANS

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