Punj Lloyd announced that Foreign Investment Promotion Board (FIPB), Department of Economic Affairs, Ministry of Finance, and Government of India has approved the proposal of the company to manufacture equipment systems and associated assemblies for the defence sector.

As per clause 4 of the above letter, Foreign equity participation in the company including FDI and investment by FII/FPI/FVCI/QFl/NRI through portfolio investment have been capped at 32.99% of the paid-up equity capital of the company.

Shares of the company gained Rs 0.90, or 2.60%, to settle at Rs 35.45 at the BSE (Thursday).