NEW DELHI: The Government has rejected a proposal by Limpkin Telecom Private Limited to bring in 100% foreign investment by Jorden Elizabeth, a UK citizen.
Following the advice of the Foreign Investments Promotions Board, the Finance Ministry has deferred a decision on a proposal by M/s Datawind Innovations Private Limited, an existing foreign owned company, presently engaged in the activity of internet delivery platform and manufacturing and trading of computer tablets and smartphones, to diversify into additional line of business of providing telecom services.
It has also deferred the proposal by Sistema Shyam TeleServices Limited for the exit of the resident shareholders and transfer of their holdings to the existing foreign shareholders - Sistema Joint Stock Financial Corporation, Russia and Federal Agency for the State Property Management (Rosimushchestvo) - thereby increasing the foreign shareholding in the company from existing 73.95% to 100% and also consequently increasing the foreign shareholding in its downstream company, Shyam Internet Services Limited to 100%.
Two proposals by M/s Vodafone Mobile Services Limited, a 100% foreign owned Indian company, have also been deferred. One was for post-facto approval for the scheme of amalgamation among Vodafone Mobile Services Limited, Vodafone Digilink Limited, Vodafone South Limited, Vodafone East Limited and Vodafone Cellular Limited. The other was for post-facto approval for the scheme of amalgamation among Vodafone Mobile Services Limited, Vodafone Spacetel Limited and Vodafone West Limited.
Decision has also been deferred on a proposal for foreign direct investment by Ubiquity S. R. L, by way of acquisition of 100% shares of M/s Solutions Infini Technologies (India) Private Limited, a company operating in telecom sector, in four tranches.
The Finance Ministry approved a proposal by M/s Entrepreneur India Media Private Limited for undertaking the additional business of publishing scientific and technical magazines. This will entail a foreign direct investment of Rs 80 million.
Also Read:
You Broadband-Vodafone proposal accepted, Atria & Netmagic FDI cleared
Idea, Star Den among Rs-1200 cr FDI proposals approved; latter to switch to investing biz
