FIPB has rejected Russian giant Sistema proposal to increase FDI in telecom
Finance ministry clears twenty FDI proposals
New Delhi: Finance ministry has cleared 20 small ticket FDI proposals which will lead to inflow of Rs 988 crore into the country.
However, FIPB has rejected Russian giant Sistema proposal to increase FDI in telecom operator Sistema Shyam Teleservices’ (SSTL). Sistema wanted to take its stake in SSTL “beyond 74 per cent.”
Among the approved proposals is Tamil Nadu’s Equitas Holdings for downstream investment in its wholly owned subsidiaries by its existing and new foreign shareholders thereby increasing the foreign equity from 91.30 per cent to 93.12 percent. It will result in flow of Rs 325 crore into the country.
( Source : dc correspondent )
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