The Cabinet Committee on Economic Affairs will take a final call on the Rs12,973-crore foreign investment proposal of Axis Bank, the Finance Ministry said on Wednesday.
The proposal of Axis Bank to increase foreign investment by FIIs, NRIs, FPIs, ADRs or GDRs from 62 per cent to 74 per cent on a fully fungible basis was cleared by the FIPB in its April 29 meeting. It will now have to be cleared by the CCEA. The Foreign Investment Promotion Board (FIPB) also cleared three pharma FDI proposals worth Rs60.73 crore.
Advanced Enzyme Technologies ltd had sought approval for additional foreign investment to the tune of Rs60 crore. The other two were of Aurobindo Pharma (Rs0.48 crore) and Wockhardt ltd (Rs0.25 crore). The FIPB, chaired by the Economic Affairs Secretary, is an inter-ministerial panel and can approve foreign investment proposals of up to Rs5,000 crore. Beyond that, the proposal has to go to the CCEA.
However, the board has deferred eight proposals including that of DCNS which plans to set up a company in India (IndiaCo) for the purposes of manufacturing and maintenance in relation to air independent propulsion systems for submarines.
The other proposals, which were deferred include JCB International Co. ltd, Macmillan Publishers International ltd, UK and One97 Communications ltd.