FIPB approves 4 FDI proposals worth Rs 2,060 crore
FIPB also rejected similar number of proposals, including that of BT Global Communications and deferred 3 proposals by Idea Cellular, Infrastructure Services and Flag Telecom Singapore Pte Ltd.
Foreign Investment Promotion Board (FIPB) has approved four FDI proposals entailing investment of Rs 2,060 crore. It also rejected similar number of proposals, including that of BT Global Communication to acquire remaining 26 % stake in BT Telecom India.
BT Global Communications (Mauritius) had sought approval to acquire remaining 26 % equity and preference share capital of BT Telecom India from Jubilant Stock Holding, which would had resulted in increasing its shareholding in the Indian company to 100 %, a Finance Ministry statement issued today said. The FIPB, headed by Economic Affairs Secretary Shaktikanta Das, deferred three proposals, including those of Idea Cellular Infrastructure Services and Flag Telecom Singapore Pte Limited.
Among the approved plans, Sharekhan's proposal to sell 100 % of its stake to BNP Paribas would result in inflow of Rs 2,060 crore, but other three proposals -- IBM India, IFC FIG Investment Company and DiaVikas Capital Private -- would not have any financial implications. Other three proposals rejected are of Limpkin Telecom Private Limited, Damco Soft Private Limited and Packt Publishing Services (India). At the same time, one proposal of Morgan Stanley India Primary Dealer was withdrawn.