FIPB to approve FDI up to Rs1,200 cr

FIPB to approve FDI up to Rs1,200 cr

New Delhi: The government on Thursday allowed Foreign Investment Promotion Board (FIPB) to approve foreign direct investment (FDI) of up to Rs1,200 crore, against the existing limit of Rs600 crore.

“The recommendation of Foreign Investment Promotion Board on proposals with total foreign equity inflow of and below Rs1,200 crore will be considered by the finance minister for approval," home minister P Chidambaram told reporters after a meeting of Cabinet Committee of Economic Affairs (CCEA) which approved the proposal.

The move will further liberalize norms and expedite foreign investment inflow into the country.

Earlier, foreign investment of up to Rs600 crore were approved by the finance minister and anything more than that were put up to the CCEA for approval.