Shyam Sistema, IIFL proposals among 14 cleared by FIPB

NEW DELHI: The FIPB today cleared 14 foreign investment proposals, including that of Shyam Sistema Teleservices and IIFL Holdings.

The Foreign Investment Promotion Board (FIPB) chaired by Economic Affairs Secretary Shaktikanta Das in its meeting considered 23 FDI proposals, deferred decisions on five and rejected four.

The FIPB approved foreign investment proposals of Eros International Media, Indian Rotorcraft, AGS Transact Technologies and O-Zone Networks, sources said. The investment proposals of Reliance Globalcom, Firefly Networks, Apollo Hospitals and Aegon Religare Life Insurance were deferred.

The Aegon Religare's proposal involved hiking of stake of foreign partner in the Indian life insurance venture. Sources said the proposal of Aegon Religare was deferred due to want of comments from the department of financial services.