Foreign Investment Promotion Board (FIPB) has cleared seven FDI proposals worth Rs 290 crore, while it deferred decision on other seven applications including that of a wholly-owned subsidiary of Idea. Tikona Digital Networks’ Rs 267-crore proposal to increase foreign equity to 76.73 per cent through issuance of CCDs was approved by the government.
According a Finance Ministry statement, an application to increase foreign investment in Idea Cellular Infrastructure Services Ltd (ICISL) to up to 67.5 per cent was deferred by the panel, chaired by Economic Affairs Secretary Shaktikanta Das. ICISL is a wholly-owned subsidiary of Idea, which has become a foreign-owned company with more that 50 per cent overseas investment. Other deferred proposals included, Morgan Stanley India Primary Dealer Pvt Ltd’s proposal for increasing equity participation from 75 per cent to 100 per cent by way of transfer of equity shares from Morgan Stanley India Capital Pvt Ltd (indirectly owned by Foreign Investor) to Morgan Stanley Mauritius Co Ltd, Mauritius by amending the earlier approval.