In its application to the FIPB
, INX also announced its intention to 'make a downstream financial investment to the extent of 26% of the issued and outstanding equity share capital of INX News Private Limited'.
"INX Media got approval from the Foreign Investment Promotion Board (FIPB
) for bringing in foreign investment.
The CBI said that Karti used his influence in his father's ministry to favour INX Media and instead of investigating the case; the finance unit extended undue favours by asking INX News to apply for fresh FIPB
approval on the downstream investment it had already received.
Proposals for foreign investment in sectors/activities requiring government approval would be filed online on the revamped FIPB
portal, rechristened as Foreign Investment Facilitation Portal (FIFP).
The Department of Industrial Policy and Promotion ( DIPP) will now take up the Amazon proposal as the Foreign Investment Promotion Board ( FIPB
) has been wound up.
"Based on the recommendations of FIPB
in its meeting held on May 20, 2016, the government has approved two FDI proposals involving FDI of Rs 2.19 crore," said the finance ministry statement.
Under the current official provisions, such a waiver can be granted if the FIPB
deems the company to be a manufacturer of "cutting edge" or "state-of-the-art" technology.
After adjourning a decision on the proposal, FIPB
cleared the application on Friday after the Department of Financial Services gave its opinion on the matter, sources said.
In late October, the UK group said it had asked India's Foreign Investment Promotion Board (FIPB
) for clearance to buy the roughly 36% not already owned directly in Vodafone India Ltd for some INR101.41bn (USD1.64bn/EUR1.19bn).
Subject to FIPB
approval, the proposed joint venture will make an application to Indian aviation regulators for the Air Operators Permit.
The Foreign Investment Promotion Board (FIPB
), which clears foreign investment proposals in the country, approved on Tuesday IKEA's 1.5 billion euros investment plan on conditions that the retailer would operate only in its core business.
| KUWAIT, Nov 22 (KUNA) -- The Minister of Commerce and Industry Anas Al-Saleh expressed hope that the expected National Assembly would approve important laws encouraging foreign investments, and at the top of them Foreign Investment Promotion Board (FIPB
), which was agreed by the cabinet recently.