Reliance Communications' proposal among 23 cleared
23 Jan 2007
New Delhi: Among the 23 investment proposals cleared by the centre are Anil Ambani''s proposal to bring investments worth Rs5,400. This forms the dominant chunk of the Rs5,910.66 crore of foreign investment the 23 proposals are expected to bring in.
Reliance Communications plans to raise funds through ADRs or GDRs in overseas markets. The company has been been building a war chest for its acquisition of rival telecom services provider Hutchison Essar Ltd.
A successful acquisition could catapult Reliance Communications to the largest mobile operator in the country. However, for that to happen, Reliance would have to outbid Vodafone Plc of UK, which was the first to indicate its interest in Hutch Essar.