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Info-Tech
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Mergers & Acquisitions
Industry & Economy
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Foreign Direct Investment
FIPB puts on hold Daltotrade's plans to hike stake in Meta Telecom
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Home Affairs Ministry sought deferment
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Moumita Bakshi Chatterjee
New Delhi, April 13
The Foreign Investment Promotion Board (FIPB) has deferred a proposal for Daltotrade Ltd, Cyprus, to hike its stake in Meta Telecom to 73.45 per cent from the current 40 per cent, after Ministry of Home Affairs sought its deferment to furnish its views on the issue.
Delhi-based Meta Telecom
was incorporated in 2005 to
undertake the business of mobile
telephony services in India.
The company has filed
applications for grant of international
long distance and
national long distance service
licences with the Department
of Telecom.
The foreign collaborator
Daltotrade Ltd focuses on
turnkey and other contracts
for providing telecom and infrastructure
related services
globally.
CURRENT INVESTMENT
Daltotrade Ltd currently has
an investment of 40 per cent
in Meta Telecom, while the
balance stake is held by Mr
Anoop Gupta, Mr Surinder
Shah, Saturn Telecom and
Classic Consultants, sources
said.
PRESS NOTE
Press Note 3 of 2007 places
FDI limit at 74 per cent in
telecom services.
FDI up to 49 per cent is on
the automatic route. FDI in
the licencee company and investment
companies including
their holding companies
require approval of FIPB if it
has a bearing on the overall
ceiling of 74 per cent.
The proposal came up for
discussion in the FIPB meeting
on March 28. The Department
of Industrial Policy and
Promotion had no objection
to the proposal subject to
compliance of Press Note 3
(2007 series). DoT also had
no objection to the proposal
subject to compliance with licence
requirements and security
conditions; and
clearance from Ministry of
Home Affairs from the security
angle.
"Ministry of Home Affairs
sought a deferment to furnish
their comments and accordingly
the FIPB has recommended
it for deferment,"
sources pointed out.
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