By
PTI
16 September, 2014

Foreign Investment Promotion Board today cleared 21 proposals including that of Bharti Shipyard, but turned down the Sistema Shyam's request to raise foreign holding.

The FIPB, headed by Finance Secretary Arvind Mayaram, at its meeting today considered 35 proposals.

The proposal of Bharti Shipyard -- an Indian company in ship building sector which has existing FDI through 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 per cent to 100 per cent was also approved by the FIPB.

The board also gave a go ahead to Indusind Bank'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 Sistema Shyam Teleservices Ltd (SSTL) to raise foreign stake holding in the company beyond the current 74 per cent 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 per cent in SSTL, Russian government 17.14 per cent and 0.13 per cent other foreign entities.

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