The proposal of ISPAT Telecom to launch, operate and maintain an Indian-owned satellite for global mobile personal communication system (GMPCS) had come back to the board as "some more technical details" were sought from the company, FIPB sources said. The proposal was earlier cleared by the board on November 14, this year.

The board re-examined the project, involving a foreign direct investment of around Rs 675 crore, recommended it for clearance. The sources said there was nothing unusual about proposals, which are already cleared once, coming back for re-examination as there was no finality attached to the recommendations of the board.

The ISPAT project envisages foreign equity of 49 per cent by the groups' overseas affiliates and associates. Mittals would hold the remaining 51 per cent stake in the project, which will also enter intomanufacturing of telecom equipment. The approval is subject to other conditions like clearance and licence from other ministries. It will also have to be cleared by Cabinet Committee on Foreign Investment.

ISPAT is among 25 other proposals, involving a total FDI of about Rs 755 crore, cleared by FIPB today. FIPB sources said the board had decided not to list any more media proposals on the agenda till the I&B ministry finalised its policy of foreign investment in the sector. Today it deferred four media proposals from Chaitra Leo Burnett, Zen Communications, Optima and Infinite, pending the policy.

Other proposals cleared today were seven software proposals involving a total FDI of Rs 3.5 cr, including two proposals by HCL Technologies Pvt Ltd and Quark Media House BV Netherland, to set up wholly-owned subsidiaries. The sources said these companies already had wholly-owned subsidiaries in the country and the new subsidiaries would be for different activities.