The government on Friday cleared British telecom firm Vodafone's application for buying a majority stake in India's fourth-largest mobile operator Hutch-Essar Ltd.
The Foreign Investment Promotion Board has expressed dissatisfaction with the replies given by Hutchison Essar, its Hong Kong-based parent Hutchison Telecom International
Opening another line of inquiry into the Hutch-Essar shareholding structure, the Foreign Investment Promotion Board (FIPB) is looking into the call options that would together give Vodafone a further 15.03 per cent proportionate indirect equity owner
Electronics major has tied up with Reliance Comm and Tata Tele.
The company, according to industry sources, is hoping to get an FIPB approval before that. Market sources said the sales team has sounded out October 8 as the launch date. Government had earlier asked Bharti group to seek a separate FIPB approval within three months for its upcoming DTH services.
The FIPB, headed by Department of Economic Affairs Secretary Arvind Mayaram, discussed 30 foreign direct investment proposals, including 10 from pharma sector.
Swedish bus and truck maker Volvo said on Thursday that it would synergise operations in India by bringing a number of units like exports, IT and component outsourcing, construction equipment, and diesel manufacturing under one entity.
Government is believed to have given the go ahead to cola giant Pepsico to acquire one of its franchisees by bringing overseas funds while making it mandatory on the soft-drink conglomerate to divest 49 per cent equity in the same within five years.
DaimlerChrysler plans to buy 26% of the bus body builder Sutlej Motors. The two companies will then jointly manufacture buses for the Indian roads.
Motorola's long-pending proposal to undertake wholesale marketing, cash and carry stocking and sale of goods has been cleared by the Foreign Investment Promotion Board, the company said in a statement on Friday.\n\n\n\n
Global public relations Burson Marsteller on Monday acquired Genesis Public Relations one of India's leading PR firms for an undisclosed sum.
Finance ministry is understood to have reservations on the ownership of minority stakeholders in Hutchison-Essar and is likely to raise the issue at the FIPB meeting.
Hutchinson Max Telecom Pvt Ltd is planning to consolidate its various telecom operations in India under a single entity, including that of Hutchison Essar Telecom Ltd and Fascel Ltd, for which the company has filed an application with FIPB.
FDI into the country increased by 30 per cent to $21.62 billion during April-September this fiscal.
The government is likely to give yet another week's reprieve from July 10 to the Star Group allowing its 24-hour news channel to continue operations in the present format.
The Foreign Investment Promotion Board is believed to have cleared the proposal of the Netherlands-based Star Diamond group to set up a joint venture in India to undertake diamond business.
Coca-Cola's proposal for giving its shareholders differential voting rights after it recently completed divestment of 49 per cent equity in favour of resident Indians is still pending with the government, company sources confirmed on Thursday.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances