The Foreign Investment Promotion Board (FIPB) has given its nod to the first set of defence proposals. The Government had notified new norms allowing higher FDI in the defence sector on August 26.
A senior Finance Ministry official said that the board, at its meeting on Tuesday, cleared 21 of the 35 proposals brought for its consideration. The approved proposals are worth ₹988 crore.
The 21 approved projects include those of Bharti Shipyard, Solar Industries and Kineco Kaman Composites India relating to the defence sector. Though another proposal, of Hatsoff Helicopter Training, came through the Civil Aviation Ministry, it involves the Defence Ministry.
The board also gave its nod to two proposals, of IndusInd Bank and ANZ Capital, related to the financial sector.
However, Sistema Shyam Teleservices’ proposal was rejected. “There were problems in the way the proposal was structured, and also security concerns,” the official said.