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FireFly Networks receives FIPB approval for foreign investment

FireFly Networks, a joint venture between India’s two largest telecom operators Airtel and Vodafone to provide public WiFi services, has received approval from the Foreign Investment Promotion Board (FIPB) for 50% indirect foreign investment and commencement of activities as a Telecom Infrastructure Provider Category-I (IP1). The company had previously sought permission for the same from the FIPB, however the proposal was deferred in November. According to the department of telecommunications, no license is issued for IP1 and the company is only required to be registered. Companies registered as IP-I can have assets such as dark fibre, right of way, duct space and towers. More on that here. FireFly Networks was incorporated in February 2014 and had a paid-up capital of Rs 2 crore and an authorized capital of Rs 50 crore, according to data on the registrar of companies. Its…

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