Eight foreign investment proposals cleared
September 3rd, 2009 - 8:20 pm ICT by IANSNew Delhi, Sep 3 (IANS) The government Thursday approved eight foreign investment proposals amounting to Rs.1.31 crore, while deferring decision on seven others and rejecting another.
Among the approved proposals, only two have fresh investment inflows: Rs.1.28 crore by telecom equipment manufacturer Tecnotree Convergence, and Rs.300,000 by power equipment maker Powermax Communications, according to data released by the Foreign Investment Promotion Board (FIPB).
The government also put on hold the investment proposals of seven companies, including ByCell Telecommunication, about which the home ministry has raised security concerns.
ByCell, founded by a group of Russian businessmen, was to hold 74 percent in an Indian telecom company set up in partnership with Hyderabad-based Jayalakshmi Group.
It had received approval to begin operations in 13 circles including Assam, Bihar, north-eastern states, Orissa and West Bengal.
However, the government revoked all foreign collaboration approvals given to ByCell after the home ministry withdrew security clearance to the firm, citing concerns regarding the original source of its investment.
An investment proposal from Norwegian telecom player Telenor to increase its holding in its Indian subsidiary Unitech Wireless to 67.25 percent has been referred to the Cabinet Committee on Economic Affairs as the amount is more than Rs.600 crore.
Telenor will pump in Rs.3,740 crore to hike its stake from the existing 49 percent.
- Government okays Telenor's plan to up stake in Unitech - Oct 19, 2009
- Telenor given green signal to up stake in Unitech (Lead) - Oct 19, 2009
- FDI proposals of Unitech Wirelss, ByCell put off for security - Aug 18, 2009
- Telenor moves company law board to protect India investment - Feb 27, 2012
- Foreign investment proposals worth Rs.1,361 crore cleared - Oct 22, 2009
- Telenor to form new company for India operations - Feb 21, 2012
- Government approves 10 foreign investment proposals - Aug 18, 2009
- Contest Telenor's demand for compensation: Unitech - Feb 16, 2012
- Income tax department attaches Unitech shares in Uninor - Mar 28, 2012
- Telenor in talks with domestic firms to continue India service - Apr 20, 2012
- Telenor asks Sanjay Chandra to step down as Unitech Wireless chief - Apr 20, 2011
- Telenor writes down remaining Indian assets worth $680 mn - Apr 30, 2012
- Government says no wrongdoing in clearing Aircel-Maxis deal (Second Lead) - May 14, 2012
- Telenor-Unitech case referred to international arbitration - Apr 12, 2012
- India clears 22 FDI proposals worth $112.5 million - Apr 20, 2012
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