The Government has approved the proposal of Vodafone-Essar for transfer of shares involving two Mauritius-based entities.
The Finance Ministry said in a statement on Monday that the proposal regarding, “The transactions relating to transfer of shares of Vodafone Essar Ltd from Mauritius based Non-resident (NR) to NR (Essar Communications Ltd, Mauritius and Essar Com Ltd to Euro Pacific Securities Ltd) was taken up.”
“The same has been approved. Since the transaction is between NR to NR, there is no foreign equity inflow.” Euro Pacific Securities Ltd is an indirect subsidiary of Vodafone International Holdings B.V., it said.
The Government approved the transaction based on information provided by the company and inputs from a committee headed by a senior government official, the statement said.
However, the Government has deferred decision on another request of Vodafone-Essar for “Transfer of shares from Resident to NR to carry out the activities relating to telecommunication.”
RS 242-CR FDI OKAYED
Meanwhile, the Government said it also approved 12 proposals of Foreign Direct Investment amounting to Rs 242.88 crore based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on September 2.
This include Rs 141.36 crore worth FDI proposal of Allcargo Global Logistics in the logistics business and Rs 66 crore from Checkmate Services in private security services as well as Rs 17.42 crore from Indian Rotorcraft Ltd in the business of final assembly of both military and civil versions of helicopters.
Among those cleared in included that of Honda Siel Cars India Ltd to invest in setting up of a ‘Vocational Training Institution' for imparting technical and specialized education and/or training in the areas related to automobile/supply chain and/or in related fields.
The Government deferred 15 proposals including that of Walt Disney Company (Southeast) Asia Pte, Cordia International Corp, USA, Ace Derivatives and Commodity Exchange Ltd, InterCall Asia Pacific Holdings, Singapore and 9X Media.
It rejected seven proposals including that of Aveo Real Estate Holdings and AOS Holding India SAS France.