Finance Minister P Chidambaram on Monday cleared the proposal of Hutchison Max Telecom to consolidate its shareholding in all group telecom entities.
The approval will allows the shareholders of Hutchison Essar Telecom Ltd (Delhi), Fascel Ltd (Gujarat), Hutchison Telecom East Ltd (Kolkata), Hutchison Essar South Ltd (Andhra Pradesh, Karnataka, Chennai, Punjab, West Uttar Pradesh, West Bengal) and Aircel Digilink India Ltd (East Uttar Pradesh, Rajasthan, Haryana) to transfer all their shares in these companies to Hutchison Max Telecom and then become shareholders of Hutchison Max Telecom.
The move is expected to enable the company go ahead with its proposed public offering and get listed on Indian bourses.
The government cleared 57 foreign direct investment proposals in all, totaling Rs 633.98 crore (Rs 6.34 billion). This included Sanofi Aventis' proposal to increase its equity in Aventis Pharma Limited from 50.1 per cent to 70.1 per cent for Rs 364.89 crore (Rs 3.65 billion).
Chidambaram also approved Henderson Asia Pacific Equity Partners' proposal to increase its shareholding in HT Media Limited to 26 per cent from 19.23 per cent for Rs 94 crore (Rs 940 million).
