Etisalat share transfer decision deferred

Etisalat share transfer decision deferred

New Delhi: The government has deferred a decision to allow transfer of shares from resident to non-resident in the telecom venture of Etisalat, a finance ministry statement said on Monday.

The UAE telecom company said earlier this month that it had filed an application to raise stake to 50% plus one share in its Indian unit, Etisalat DB Telecom Pvt Ltd, from its current 44.73% and was awaiting regulatory approval.

The statement from the Foreign Investment Promotion Board (FIPB), a unit of the finance ministry, said the board has approved 12 foreign direct investment (FDI) proposals worth Rs1,046 crore ($226 million), including one from Max India, which runs hospitals and a life insurance business in the country.

Max India’s proposal to raise Rs529 crore ($114.5 million) through fully convertible debentures had been approved, the statement said.

The government also approved Walt Disney’s proposal to print a speciality magazine in India, it said, without indicating any potential investment details.