FIPB clears FDI proposals of SSTL, IIFL Holdings, 12 others

The Foreign Investment Promotion Board on Friday cleared 14 foreign investment proposals, including that of Sistema Shyam Teleservices and IIFL Holdings.

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

The 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.