Business Daily from THE HINDU group of publications
Thursday, Jul 02, 2009
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Business Daily from THE HINDU group of publications Thursday, Jul 02, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Info-Tech
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Foreign Direct Investment Web Extras - Telecommunications
Our Bureau New Delhi, July 1 The Government on Wednesday deferred a decision on Unitech Wireless’ proposal to enhance the foreign shareholding of Telenor Asia to up to 74 per cent in the various licensee companies. The proposal was deferred as the Ministry of Home Affairs sought more time to scrutinise the application, according to sources. Telenor Asia, currently holds 33.5 per cent of the equity capital in licensee companies including Unitech Wireless (Tamil Nadu), Unitech Wireless (Kolkata), Unitech Wireless (North), Unitech Wireless (Delhi), Unitech Wireless (South), Unitech Wireless (East), Unitech Wireless (Mumbai) and Unitech Wireless (West), and it had approached FIPB for permission to enhance the foreign holding to up to 74 per cent, sources said. Bids Turned downMeanwhile, the Government has turned down seven proposals including that of Bharti Telemedia and Tata Teleservices – both had sought deletion of penalty clause for not taking prior FIPB nod for past foreign investments. Both the companies had sought deletion of the ‘compounding condition’ in the wake of the new Press Notes 2 and 4 of 2009, which stipulate that foreign investment that is channelised via an Indian company (where Indian residents or Indian companies hold over 50 per cent interest) would not go towards calculation of overall foreign investments in a company. FIPB rejected the proposals saying that the two Press Notes could be applied with retrospective effect, sources said.
As many as 14 proposals have been deferred including one by Vijay Mallya-run United Breweries to raise Rs 708 crore through issuing convertible warrants; and another by India Rizing Fund for amending FC approval. In all, the Government has approved 21 FDI proposals amounting to Rs 85 crore. Global Chemical major BASF SE’s plans to acquire 20 per cent equity shares of Ciba India Ltd through an open offer involving a FDI of Rs 63 crore has got FIPB’s nod. The open offer was necessitated by global acquisition of Ciba Holding AG by BASF. The Government also cleared a proposal by Vodafone Essar; and also approved a proposal by venture capital fund – Ventureast Trustee Company Ltd – to accept foreign contribution from Mauritius-based Ventureast Proactive Fund. The contribution would be utilised for investments into securities of Indian companies. More Stories on : Foreign Direct Investment | Telecommunications | Unitech Ltd
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