The Hindu Business Line : FIPB to take up Vodafone proposal on Tuesday

New Delhi March 18 Vodafone's proposal to acquire 52 per cent direct stake in Huchison-Essar from Hong Kong-based Hutchison Telecom based on an enterprise value of $18.8 billion is among the five foreign direct investment (FDI) proposals to be taken up by the Foreign Investment Promotion Board (FIPB) on Tuesday.

The FIPB meeting comes within five days of its previous meeting, where a host of proposals were recommended for clearance of the Finance Minister, Mr P Chidambaram.

Vodafone, the world's largest mobile telecom services company, had submitted its proposal to the FIPB for clearance in the last week of February through the group's investment arm, Vodafone International Holdings B V Netherlands, after acquiring a controlling stake in Hutchison-Essar for $11.1 billion.

On Thursday, Vodafone signed shareholders agreement with the Indian partner, the Essar group, as per which Vodafone will hold 52 per cent and Essar 33 per cent. Three other minority shareholders, namely company chief executive, Mr Asim Ghosh, IDFC and Mr Analjit Singh together hold the remaining 15 per cent stake in the company.

Other proposals

The other proposals scheduled to be taken up by the FIPB on Tuesday are FDI proposals from Dubai-based DAMAS Jewellery LLC, Singapore-based Bates Singapore Pte Ltd, Hathway Cable & Datacom Private Ltd and Geissel-Jakap Private Ltd.

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