The Hindu Business Line : FIPB defers Aster Infra’s proposal

New Delhi, April 20 The Foreign Investment Promotion Board (FIPB) has deferred Aster Infrastructure’s proposal pertaining to transfer of stake by its existing foreign investor NSR-PE Mauritius to NSR Alpha Mauritius. It has sought Department of Revenue’s response to the proposal. Besides acquiring the existing 51 per cent stake of NSR-PE in Aster Infrastructure, NSR Alpha also plans to acquire another 21.5 per cent of stake in the category-I telecom infrastructure provider.

Aster Infrastructure had earlier been granted FC approval for investment by NSR-PE. The company has a Shareholders’ Agreement with Aster Tele Services, Mr Uppala Kantha Rao and Ms Uppala Rajani and NSR-PE Mauritius LLC.

“The company’s proposal pertains to the change of foreign collaborator from NSR-PE to NSR Alpha PE Mauritius. The company has informed the Government that currently NSR-PE Mauritius has made investment of 51 per cent as against the approved amount of 72.5 per cent.

The company has stated that for commercial purposes, their foreign investor (NSR-PE Mauritius) would transfer its existing 51 per cent shareholding in Aster Infrastructure, to NSR-Alpha Mauritius. NSR-Alpha Mauritius would also acquire 21.5 per cent of the equity shareholding in the company, which was originally approved for investment by NSR-PE,” sources said.

Currently, FDI beyond 49 per cent in telecommunication sector with IP category-I, is under the FIPB route.

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