New Delhi: Foreign Investment Promotion Board (FIPB) on Tuesday cleared 21 proposals including that of Bharati Shipyard Ltd, but turned down the Sistema Shyam Teleservices Ltd’s (SSTL) request to raise foreign holding.

The FIPB, headed by finance secretary Arvind Mayaram, at its meeting on Tuesday considered 35 proposals.

The proposal of Bharati Shipyard—an Indian company in ship building sector which has existing foreign direct investment (FDI) through foreign institutional investor (FIIs) and NRIs—to undertake defence activities was cleared, sources said.

Besides the proposal of Verizon Communications India which sought approval to increase foreign equity participation by its foreign parent from 74% to 100% was also approved by the FIPB.

The board also gave a go ahead to IndusInd Bank Ltd’s proposal with regard to foreign investment, sources added.

The other proposals cleared by the FIPB include that of Kineco Kaman Composites India Ltd in the defence sector and ANZ Capital Ltd in the financial services sector.

However, the proposal of SSTL to raise foreign stake holding in the company beyond the current 74% was rejected by the FIPB. The company has not specified the extent to which the foreign holding would be raised.

Russian conglomerate Sistema JSFC holds 56.68% in SSTL, Russian government 17.14% and 0.13% other foreign entities.

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