|The Foreign Investment Promotion Board (FIPB) recently cleared 21 proposals, including that of Bharti Shipyard, but turned down Sistema Shyam's request to raise foreign holding.|
However, the proposal of Sistema Shyam Teleservices Ltd. to raise foreign stake holding in the company beyond 74 per cent was rejected by FIPB. The company has not specified the extent to which the foreign holding would be raised.
FIPB, headed by Finance Secretary Arvind Mayaram, considered 35 proposals.
The proposal of Bharti Shipyard - the shipbuilder has foreign direct investments through institutional investors and non-resident Indians - to undertake defence activities was cleared, sources said. Verizon Communications India’s proposal to increase foreign equity participation by its foreign parent from 74 per cent to 100 per cent was also approved.
Other cleared proposals included those of Kineco Kaman Composites India Ltd in the defence sector and ANZ Capital Ltd. in the financial services sector.