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FIPB to reconsider ByCell’s proposal on mobile services

FIPB to reconsider ByCell’s proposal on mobile services
PTI
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First Published: Tue, Jul 21 2009. 01 02 PM IST
Updated: Tue, Jul 21 2009. 01 02 PM IST
New Delhi: Swiss telecom firm ByCell has approached the Foreign Investment Promotion Board (FIPB) to reconsider its proposal to start telecom services in India and the matter will be taken up later this week.
Earlier, the government had revoked all foreign collaboration approvals given to the firm on security reasons.
ByCell has approached the FIPB against revocation of all foreign collaboration approvals and the matter is listed in the agenda for the next meeting of the board slated for 24 July.
The proposal involved an investment of over Rs2,500 crore in five circles across 13 states in the country.
The decision was taken on the basis of withdrawal of security clearance by the ministry of home affairs.
The ministry had raised objections over concerns regarding the original sources and channel of flow of funds.
ByCell Holding AG, Switzerland, holds 64.66% in ByCell Telecommunications India, while its Indian partner Bitcorp holds 35.34%.
Earlier this year, ByCell had dragged the FIPB and the department of telecom to court over failure to grant the company a telecom license.
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First Published: Tue, Jul 21 2009. 01 02 PM IST