<h1>Foreign direct investment approvals expand downstream holding structures and equity issuances; some proposals deferred or rejected under policy concerns.</h1> Government approved twelve FDI proposals on FIPB recommendations across multiple sectors, principally authorising conversions to operating cum holding structures for downstream investments, equity issuances including partly paid shares, and setting up foreign owned Indian holding companies; most approvals involved no fresh inflow while a few recorded new equity. The Board deferred five proposals raising policy or Press Note issues and rejected three proposals where proposed conversions or investor nationality conflicted with applicable policy; it also noted a request to amend mode and percentage of FDI in an existing approval.