The FIPB referred the matter to the law ministry today.
Seeks capital gains tax payment prior to FIPB clearance.
Just six months after pulling out of Hutchison Essar, the Hinduja group is set to throw its hat into the ring for the country's fourth largest telecom company.
Hutchison has made it clear to prospective bidders that it can sell its 67 per cent stake in Hutchison Essar without offering the first right of refusal to the Ruias who hold the remaining 33 per cent in the joint venture.
Hutchison Telecom is expected to complete the sale of its 67 per cent stake in the country's fourth largest telecom company, Hutchison Essar, before the Chinese New Year holiday, which begins February 17.
The admission comes as it seeks to ensure approval of the deal by Indian regulators under restrictive foreign investment laws.
'Zoozoos', a new innovative concept from mobile service provider Vodafone Essar is on its way to capture hearts of millions of viewers similar to that of 'Hutch dog'.
To outgoing Vodafone CEO Vittorio Colao, negotiating big deals was an art form, as an international report pointed out after the $130-billion sale of Vodafone's 45 per cent stake in Verizon Wireless, says Nivedita Mookerji.
"Kraft's acquisition of Cadbury is a global acquisition, where some value is attributable to India. This is different from Vodafone, where the transfer of a single share of the offshore company by Hutch resulted in the Indian business getting transferred to Vodafone," said Pranay Bhatia, associate partner at legal firm Economic Laws Practice.
I-T department has fixed Rs 12,000-crore tax claim on the 2007 deal in which Vodafone bought Hutch's 67 per cent stake in Hutchison Essar for $11.2 billion.
Buoyant stock markets and booming telecom sector appear to have generated some interest among global equity players with Blackstone and Texas Pacific approaching Hutchison to buy stake in its India venture but the move could face hurdles.
For Orascom, the real jewel in HTIL's crown was Hutchison Essar, India's fourth largest mobile phone company and a natural complement to its existing operations in Pakistan and Bangladesh.
Hong Kong based Hutchison Telecommunication along with some other investors are believed to have signed the deal to buy out a 5.11 per cent stake of Hinduja TMT in the unlisted Indian cellular company Hutchsion Essar.
The Essar Oil, Rosneft deal also helped Arpwood Capital, boutique investment bank, co-founded by Rajeev Gupta and Raj Kataria, to grab the second spot in the mergers and acquisitions league table.
Vodafone Plc and its ex-shareholders have suffered due to the delay in an Initial Public Offer (IPO) of its Indian unit.
Indian billionaires do not believe in sitting on their wealth.
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