Punj Lloyd gets FIPB approval to manufacture defence equipment

Punj Lloyd, the engineering and construction major 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 infrastructure company said in a regulatory filing.

Foreign equity participation in the company including foreign direct investment (FDI) and investment by any foriegn institutional investor (FII) through portfolio investment have been capped at 32.99 per cent of the paid-up equity capital of the company, Punj Lloyd said in its filing.

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

Punj Lloyd's scrip closed at Rs 35.45 a piece, up 2.60 per cent on the Bombay Stock Exchange (BSE).