Punj Lloyd gets FIPB nod to manufacture defence gear.

Engineering and construction major Punj Lloyd has received FIPB approval for manufacturing equipment and associated assemblies for the defence sector.

'Foreign Investment Promotion Board (FIPB), the Ministry of Finance have approved the proposal of Punj Lloyd for manufacturing of equipment systems and associated assemblies for the defence sector,' the company said in a regulatory filing.

Foreign equity participation in the Company including FDI and Investment by any foriegn institutional investor through portfolio investment have been capped at 32.99 per cent of the paid-up equity capital of the company, the filing said.

The company, so far, had an order-book position at Rs. 11,000 crore.


ET