21 FDI projects get nod; Sistema's proposal rejected

The board also gave a go ahead to Indusind Bank's proposal with regard to foreign investment

The Foreign Investment Promotion Board (FIPB) on Tuesday 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.

FDI doubles to $3.5 billion  in July
Foreign direct investment (FDI) flows into India more than doubled to $3.5 billion in July, the department of industrial policy and promotion said on Tuesday. In July 2013, the country had received FDI of $1.65 billion.

During April-July this financial year, foreign inflows grew 52 per cent to $10.7 billion, compared with $7.05 billion in the corresponding period last year.