Rs3,000-crore FDI by telecom infrastructure firm
18 Jan 2007
The centre has approved a foreign direct investment of Rs3,000 crore ($674 million) by Independent Mobile Infrastructure Mauritius Ltd (IMIML), spread over a five-year period. IMIML or its group companies, parent, subsidiaries, nominees or associates can make the investments.
The approval is subject to licensing and security requirement of the Department of Telecom (DoT) and subject to the condition that the company would divest 26-per cent equity in favour of Indian public in five years if it is listed in other parts of the world.
The FDI inflow by the telecom infrastructure provider will begin with the acquisition of 10,000 equity shares of Rs10 each from promoters S Venkateswarlu and Chandra Padmasri, representing 100-per cent shareholding of the company.
The remaining amount will be invested by way of further issue of shares over a period of one to fivce years, depending on the capital requirement of the company, Dasmunsi said.
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