The proposal of Quickjet Cargo Airlines to increase foreign shareholding in the company to 74 per cent from 62.34 per cent has also been cleared. The deal will entail FDI worth Rs 14.40 crore.

Forever Living Imports (India) Pvt Ltd's Rs 18.30-crore proposal to undertake single brand retailing of 'Forever' brand products in India has also been approved by the board.

The FIPB has, however, deferred 12 proposals including that of Mumbai-based Kotak Bank for increasing the aggregate foreign investment limit in the bank to 55 per cent.

Also the proposal of NBFC company IIFL Holdings Ltd for increasing foreign equity from 54.7 per cent to 100 per cent by way of issuing shares to FIIs was deferred.

Further, the Board rejected seven proposals, including that of Sharekhan Ltd and Human Value Developers Pvt Ltd to transfer CCDs and CCPs of their companies held by IDFC Ltd to Baring Private Equity, Mauritius.

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