Indian engineering and construction major Punj Lloyd informed the National Stock Exchange Friday that it has received approval from the Foreign Investment Promotion Board (FIPB) for manufacturing equipment systems and associated assemblies for the defence sector.
"The FIPB, the ministry of finance have approved the proposal of Punj Lloyd for manufacturing equipment systems and associated assemblies for the defence sector," the company said in a regulatory filing.
Foreign equity participation in the company, including foreign direct investment and investments from foreign institutional investor through portfolio investment has been capped at 32.99 percent of the paid-up equity capital of the company, the filing said.
