Finance ministry clears FDI proposal worth Rs 1.90 cr in November

Published On: 05, Dec 2017 | Source: business-standard.com

The ministry today said it cleared a foreign direct investment (FDI) proposal of Rs 1.90 crore in November.

The proposal relating to Wells Fargo International (India) Pvt Ltd was approved, Ministry said in a statement issued today.


The company had sought approval for issuance of equity to Wells Fargo International LLC and Wells Fargo International Corporation for meeting obligations pertaining to certain pre-operative or pre- incorporation expenses and the proposed voluntary liquidation of Wells Fargo India, the statement said.

A proposal from Macquarie Infrastructure Management Pvt Ltd was rejected, it said.

The Union Cabinet in May decided to abolish the Foreign Investment Promotion Board (FIPB) -- an advisory body comprising of secretaries to various departments for vetting of foreign direct investment (FDI) applications and making recommendations to the

It was decided that the approvals would be handled independently by administrative ministries of different sectors.

into the country grew 9 per cent to USD 43.47 billion in 2016-17.