Foreign Investment Promotion Board today cleared 21 proposals including that of Bharti Shipyard, but turned down the Sistema Shyam's request to raise foreign holding, according to media report.

The proposal of Bharti Shipyard an Indian company in ship building sector which has existing FDI through FIIs and NRIs to undertake defence activities was cleared, report said.

The board also gave a go ahead to Indusind Bank's proposal with regard to foreign investment, it added.