wordpress blog stats
Connect with us

Hi, what are you looking for?

Vodafone’s India Buyout Proposal Awaiting CCEA Approval

Vodafone Group's proposal to buy out its minority stakeholders in Vodafone India has been approved by the Foreign Investment Promotion Board (FIPB) and recommended to Cabinet Committee on Economic Affairs (CCEA) for the final approval, since the proposed investment i.e. Rs 10,141 crore is much higher than the threshold limit of FIPB, which is currently at Rs 1200 crore, reports The Economic Times. Note that we weren't able to find the relevant notification on the FIPB website at time of writing this article. Vodafone group had earlier applied for the FIPB approval through its indirect subsidiary CGP India Investments Ltd, to increase its stake in Vodafone India from 64.38% to 100% by buying out the minority stakeholders like Analjit Singh (who owns 24.65% stake) and Piramal Healthcare (which owns 11% stake). The proposal was however deferred by FIPB in the December 9 meeting, since it was apparently awaiting for comments from the Ministry of Home Affairs. If Vodafone does get the final clearance, it will probably be the first foreign telco to buy out its Indian shareholders, after the government allowed 100% Foreign Direct Investment (FDI) in telecom in July 2013. Singtel was also looking to buy out its minority shareholders in Singtel Global (India) Pvt Ltd, however the proposal was temporarily postponed by FIPB in November 2013 and later deferred. It was also on the agenda (pdf) for the FIPB meeting held on December 30th, where the Vodafone's proposal was discussed but the status of the proposal is not available yet. Last month, Norwegian telecom operator Telenor has raised its stake in Telewings to 74% after receiving FIPB approval to increase its stake…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ