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FDI proposals of Wockhardt, Coastal Local Area Bank, KPB Holdings approved

LiveMint logoLiveMint 04-10-2017 PTI

New Delhi: The commerce and industry ministry on Wednesday said it has approved three foreign direct investment (FDI) 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 NRIs (non-resident Indians).

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 NRIs, Wockhardt Ltd got approval for issuance of ESOPs (employee stock option plan) to NRIs.

This portal was set up after the winding up of the foreign investment promotion board. FDI into the country grew 9% to $43.47 billion in 2016-17.

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