Foreign investment board defers decision
on Vodafone’s plan to buy out minority shareholders in Indian arm as
government is yet to give its comments
New Delhi: The Foreign Investment Promotion Board (FIPB) on Monday deferred a decision on Vodafone’s Rs.10,141
crore proposal to buy out minority shareholders in its Indian arm as
the ministry of home affairs is yet to give its comments.
“Decision on Vodafone deferred pending Ministry of Home Affairs
comments,” sources in the finance ministry said after a meeting of the
FIPB, which is headed by economic affairs secretary Arvind Mayaram.
Sources said the British telecom major’s investment
application is now likely to considered again at the next meeting, the
date for which will be announced later.
Earlier, during the 13 November meeting, the FIPB did not
take up the proposal as several government departments had not given
their comments.
CGP India Investments Ltd, an indirect Mauritian
subsidiary of Vodafone International Holdings BV, had sought FIPB
approval to buy the stake held by minority shareholders in Vodafone
India Ltd.
The UK-based telecom major holds a 64.38% stake in the
Indian unit. Besides FIPB, Vodafone also requires the approval of the
cabinet committee on economic affairs (CCEA) because the planned
investment exceeds Rs.1,200 crore.
The government relaxed rules in August to allow foreign
telecom companies to own 100% of their businesses in India. Earlier, the
foreign direct investment (FDI) cap in the sector was 74%. Vodafone’s
minority investors include billionaire industrialist Ajay Piramal, who
holds an 11% stake in India’s second-largest telecom company by
subscribers.
Source- Livemint
Shah Mohammad Abdul Qadir
PGDM 1st Semester
IIMT College Of Management
Greater Noida, UP
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Standard protocol needed for affordable insurance products: Irda
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Standard protocol needed for affordable insurance products: Irda
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