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Vodafone seeks FIPB approval for 100% acquisition of You Broadband

Wednesday, Jun 15, 2016

Inter-ministerial body FIPB said that Vodafone had sought approval for the proposed acquisition of the entire share capital (100 per cent) of You Broadband India Limited. However, the Board headed by Economic Affairs Secretary Shaktikanta Das deferred decision on the application

The FIPB has referred the Rs 3,400-crore foreign investment proposal of Holcim (India) to the Cabinet Committee on Economic Affairs for approval, while deferred the decision on Vodafone's application for acquisition of You Broadband India.

As per a Finance Ministry statement, the Foreign Investment Promotion Board (FIPB) approved two FDI proposals involving inflows of Rs 2.19 crore and rejected seven FDI proposals.

Approval of FIPB was sought by Ambuja Cements for acquisition of 24 per cent shares in its holding company, Holcim (India) Pvt Ltd from the latter's holding company Holderind Investments Ltd and subsequent reverse merger through a share swap.

The proposal of Holcim has been recommended for approval of Cabinet Committee on Economic Affairs (CCEA), the Finance Ministry said. The proposal entails FDI worth Rs 3,400 crore.

The FDI proposals that have been approved by the FIPB are of Aurobindo Pharma and Sterling Commerce Solutions India.

The release further said Vodafone had sought approval for the proposed acquisition of the entire share capital (100 per cent) of You Broadband India Limited.

However, the Board headed by Economic Affairs Secretary Shaktikanta Das deferred decision on the application. The other two proposals on which decision was deferred are of Mylan Laboratories and Reckitt Benckiser. Investment applications of Rizobactor Argentina, Indian Energy Exchange, BMJ Group India Private, Sharekhan, Exzatech Solutions, Veritas (India) and CevaSanteAnimale have been rejected, the release said.

 

Source : telecom.economictimes.indiatimes.com

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