The Foreign Investment Promotion Board has pulled up the department of revenue for rejecting all foreign direct investment proposals in which funds are routed through Mauritius and said it has taken a conscious policy decision to overrule such objections.
Vedanta may become a majority stakeholder in Cairn India.
The government has approved 16 projects envisaging foreign investment worth Rs 1,647 crore (Rs 16.47 billion), while deferring Punj Lloyd's proposals for lack of security clearance.
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