Online edition of India's National Newspaper
Wednesday, Mar 21, 2007
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Online edition of India's National Newspaper Wednesday, Mar 21, 2007 ePaper |
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NEW DELHI: The Foreign Investment Promotion Board (FIPB) on Tuesday deferred a decision on a proposal by Vodafone to acquire Hutch-Essar. The FIPB's approval is necessary to complete the deal to ascertain that the joint venture between Vodafone and Essar meets the FDI guidelines in the telecom sector. According to sources, the FIPB has asked all the three participants (Vodafone, Essar and Hutchison) to explain the entire gamut of transaction in which Vodafone acquired a controlling stake in Hutch-Essar for over $11 billion. The next meeting is scheduled for March 29, when the three parties would be asked to explain the details of the transaction, the sources said. The FIPB had sought views from the RBI and the Department of Telecom (DoT) to look into the shareholding structure of Hutch Essar, after some MPs wrote to the Finance Ministry alleging breach of the FDI limit. — PTI
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