DIPP approves three FDI proposals

The commerce and industry ministry today said it has approved three foreign direct investment proposals, including that of Wockhardt Ltd and Coastal Local Area Bank.
The Department of Industrial Policy and Promotion (DIPP), under the commerce ministry, has also approved KPB Holdings' proposal to issue shares to NRI (non-resident Indian).
All the three applications have got the post facto approval of the department, according to the DIPP's Foreign Investment Facilitation portal.
While Coastal Local Area Bank got nod for issuance of shares to NRI, Wockhardt Ltd got approval for issuance of ESOP (Employee Stock Option Plan) to NRI.
This portal was set up after the winding up of the foreign investment promotion board.

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