Foreign Investment Promotion Board (FIPB) has cleared 21 proposals in a meeting on September 16, 2014, including that of Verizon Communications to increase its stake in the Indian venture but has turned down the Sistema’s request to raise foreign holding in Sistema Shyam TeleServices Limited (SSTL).

Verizon Communications had sought FIPB approval to increase its foreign equity participation in the Indian company, from 74 per cent to 100 per cent. The FIPB had earlier deferred the decision on the proposal at its meeting held on August 1, 2014.

Meanwhile, Sistema’s proposal to raise foreign stake holding in the company beyond the current 74 per cent was rejected by the FIPB. The company has not specified the extent to which the foreign holding would be raised. Russia-based Sistema JSFC currently holds 56.68 per cent stake in SSTL, Russian government holds 17.14 per cent stake while 0.13 per cent is held by other foreign entities.