"The proposal of Pepsi India to exempt it from offloading 49 per cent equity has been deferred due to certain procedural issues raised by another ministry," sources said.
FIPB, which met on Friday, deferred the proposal of Pepsi India. The proposal would be cleared soon as procedural issues raised would be surely addressed, sources added.
When contacted, the company officials declined to make any comment.
"Since the ministries concerned have given their nod, we have no problems in waiving the clause that requires Pepsi India to divest 49 per cent of its equity in bottling operations," official sources said.
At the time of entry in India, the multinational company had agreed to offload a 49 per cent stake in favour of Indian shareholders within a stipulated time period, which was later extended by the government.
However, the policy was later changed permitting foreign companies to take 100 per cent stake in food processing and other sectors.
FIPB had deferred the Pepsi India issue in June last year as the Ministry of Food Processing had not given its clearance for waiving the clause, under which the MNC had to divest the stake mainly in favour of its bottlers.
The sources said FIPB would take a decision on the company's application in the context of a similar request made by Coca Cola in 2002.
