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Thursday, May 11, 2006

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Nod for capital infusion in Teletech

Our Bureau

New Delhi, May 10

The Cabinet Committee on Economic Affairs has approved additional infusion of equity capital up to Rs 1,500 crore into Teletech Investments (India) Ltd by Essal Metal Holdings Ltd, Essar Logistics Holdings Ltd and Essar Power Holdings Ltd.

The infusion is meant for downstream investments in Indian companies under the automatic FDI route and for repaying liabilities. The CCEA approval is however subject to the condition that the downstream investment would be in sectors where FDI is permitted and that the company would not undertake NBFC activity. The CCEA also approved the conversion of the original investments made in foreign exchange by Infotech in Teletech, from non-repatriable to repatriable status.

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