Financial Daily from THE HINDU group of publications
Friday, Mar 24, 2006
Financial Daily from THE HINDU group of publications Friday, Mar 24, 2006 |
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Info-Tech
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Telecommunications Industry & Economy - Foreign Direct Investment Telecom FDI norms deadline extended Our Bureau
New Delhi , March 23 The Union Cabinet on Thursday approved the extension by four months, of the deadline for telecom companies to comply with guidelines on foreign direct investment. The Cabinet gave its ex-post-facto approval to the July 2 deadline given to telecom companies for complying with different conditions in respect to enhancement of FDI ceiling from 49 per cent to 74 per cent in the sector, the Information and Broadcasting Minister, Mr Priyaranjan Dasmunshi told reporters. The move comes after telecom operators had sought more time to implement the guidelines. Telecom companies had time till March 3 to comply with FDI norms, but the Government had earlier issued a notification extending the time by four months.
ITI equity sale
In another decision, the Cabinet approved a proposal for sale of entire equity holding of ITI Ltd in its joint venture FIBCOM India Ltd. ITI would get a net sale value of Rs 11.60 crore against its investment of Rs 4.60 crore made in 1994. The sale of stake in the joint venture company would not have any affect on ITI, Mr Dasmunshi said.
Related Stories: More Stories on : Telecommunications | Foreign Direct Investment
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