FIPB clears 13 FDI proposals worth Rs 6,500 crore

Telecom tower firm Viom Networks' Rs 5,900 crore FDI proposal was among the 13 projects, totalling Rs 6,500 crore, that the foreign investment promotion board (FIPB) cleared on Friday.

The board cleared the proposal of ATC Asia Pacific Pte to acquire majority stake in Viom Networks involving Rs 5,900 crore. Alstom Manufacturing India's proposal worth Rs 400 crore and pharma firm Cipla's proposal of Rs 150 crore were cleared by the FIPB, sources said.

The FIPB had 26 FDI proposals on its agenda today. The inter-ministerial panel FIPB, chaired by Economic Affairs Secretary Shaktikanta Das, can vet foreign direct investment proposals up to Rs 5,000 crore.

In October last year, American Tower Corporation (ATC) has signed pact to acquire 51% in Viom Networks at total enterprise value of around Rs 21,000 crore, including debt of about Rs 5,800 crore of Viom, a largest foreign direct investment in telecom sector the current fiscal.