The Foreign Investment Promotion Board (FIPB) today deferred a decision on beverages firm PepsiCo's application seeking exemption from regulations to divest 49% stake in its bottling arms to Indian shareholders.PepsiCo India had asked the government to waive the condition that recquires it to reduce its stake in bottling subsidiaries to 51% within five years.As per the regulations, the global soft drinks major has to reduce its equity this year in Kools Drinks Beverages, which it acquired in 2002.
