NEW DELHI: The foreign investment promotions board (FIPB) has rejected Australian telco Telstra Holding Ltd’s proposal to raise stake in Indian arm
Telstra Telecommunication to 74% from 49% at present.
The foreign investment regulator ruled that the deal would result in a breach of foreign direct investment limit, as the foreign holding in the Indian company would be 61.9% if indirect stake in the Indian partner is taken into account.
The FIPB also deferred a decision on UAE-based telco Etisalat’s application for a share transfer that would have taken its stake in Indian telecom company Etisalat DB Telecom to 54.27% from 49% at present.
Etisalat, Telstra plan to up stake in JV rejected- Telecom-News By Industry-News-The Economic Times
Telstra Telecommunication to 74% from 49% at present.
The foreign investment regulator ruled that the deal would result in a breach of foreign direct investment limit, as the foreign holding in the Indian company would be 61.9% if indirect stake in the Indian partner is taken into account.
The FIPB also deferred a decision on UAE-based telco Etisalat’s application for a share transfer that would have taken its stake in Indian telecom company Etisalat DB Telecom to 54.27% from 49% at present.
Etisalat, Telstra plan to up stake in JV rejected- Telecom-News By Industry-News-The Economic Times