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  • Nod to Idea, Star Den & four may fetch Rs 1200 cr FDI; You & Crest proposals deferred

    Nod to Idea, Star Den & four may fetch Rs 1200 cr FDI; You & Crest proposals deferred

    MUMBAI: Inter-ministerial body Foreign Investment Promotion Board has okayed six investment proposals, including Idea Cellular and Star Den Media Services expecting an investment of Rs 1,200 crore (USD 176.5 million).

    Idea Cellular Infrastructure Services (ICISL) had filed an application to raise foreign investment level in it to 67.5 per cent. ICISL is a wholly-owned subsidiary of Idea, which has become a foreign-owned firm with more than 50 per cent overseas investment. Star Den Media Services Pvt. Ltd. develops and distributes television, cable, and the related network platforms. It offers a platform for distributing television channels in India through all fixed networks including cable, direct to home, and internet protocol television.

    Other proposals which got a go-ahead are — Sanofi Synthelabo India, Boehringer Ingelheim India, A Menarini India Pvt Ltd and Recipharm Participation. The FIPB, led by the economic affairs secretary Shaktikanta Das, rejected three proposals, including AMP Solar India Pvt Ltd. and six proposals were deferred for further consultation and want of more information.

    Among the proposals deferred were You Broadband India, Crest Premedia Solutions and Scientific Publishing Services.

    Indiantelevision.com had earlier reported that the board will consider 17 foreign investment proposals on 28 December, including that of Star Den Media.

    FIPB had in June this year rejected a proposal of Flag Telecom Singapore, a wholly-owned unit of Reliance Communications (RCom), to set up a telecom subsidiary in India. Flag Telecom reportedly planned to acquire a company, payout for which would have been around US$120 million — in two parts.

    India allows FDI in some of the industry sectors via the automatic route, but, in certain segments that are considered sensitive for the economy and security, the proposals need to be cleared by FIPB first. FIPB had earlier met on 26 September to consider foreign investment proposals, including that of Idea Cellular.

    The Indian government has taken a series of measures in the recent past to give a fillip to foreign direct investment. In the first half of the current fiscal year, the inflows were USD 21.62 billion. FDI increased by 29 per cent to USD 40 billion in 2015-16 as compared to the previous fiscal.

    Also Read:

    Star Den, Flag Telecom, You & Idea FDI meet on 28 Dec

    Govt defers decision on FDI for Vodafone to acquire You Broadband

  • Shemaroo to further focus on digital

    Shemaroo to further focus on digital

    MUMBAI: Content aggregation and distribution company Shemaroo Entertainment is going into an overdrive on the digital ecosystem. And it’s working for the firm which is quoting currently at Rs 382 (on Wednesday 03pm) on the Bombay stock exchange.

    In an interview with CNBC TV18 on 20 December, Shemaroo’s wholetime director and CFO Hiren Gada said, “Digital is currently contributing 20 per cent of its top line revenues,” and growth has been at a healthy 50 per cent and more.

    Gada further elaborated that around Rs 24 crore of its previous quarter’s revenues of around Rs 100 crore came courtesy digital or new media. He was specially buoyant about the 4.5 million views per day that its channels on YouTube were generating. Its mother channel Shemaroo had 2.28 million subscribers, Filmi Gaane had 1.8 million subscribers, Shemaroo Movies had 431,579 subscribers, and Shemaroo Kids had 281,000 subscribers cumulatively generating 1.42 billion views, 1.26 billion views, 142 million views and 186 million views, respectively.

    “So, that kind of bears out as a strategy and conviction that the content strategy that we are following is getting tremendous traction with the audience,” he said.

    Gada disclosed that telcos such as Vodafone, Idea and Airtel which it has partnered are already adding a “large component of revenues” to the company’s topline. “Then, there are all these (platforms) which are the next level of services, some of which are nascent or new like Reliance Jio or Hotstar or iTunes or any other international platforms. They hold tremendous potential.”

    Gada added that the company’s content is unmissable. “.. given the kind of content we are sitting on, no one can run a meaningful Bollywood service without some content from Shemaroo. So, to that extent, we are either in talks or already deployed on many of the platforms that are already operating.”

    Gada was hopeful of maintaining or hiking the revenue growth levels of 50 per cent that its new media focus has been generating over the next quarter as well. He also highlighted that margins for this segment were also higher than for the company as a whole as operating costs are being kept in check.

    Shemaroo has also tied up with DTH operators such as Tata Sky, Dish TV and Airtel to run specialised value added services for them covering movies, comedy, religious songs.

  • Shemaroo to further focus on digital

    Shemaroo to further focus on digital

    MUMBAI: Content aggregation and distribution company Shemaroo Entertainment is going into an overdrive on the digital ecosystem. And it’s working for the firm which is quoting currently at Rs 382 (on Wednesday 03pm) on the Bombay stock exchange.

    In an interview with CNBC TV18 on 20 December, Shemaroo’s wholetime director and CFO Hiren Gada said, “Digital is currently contributing 20 per cent of its top line revenues,” and growth has been at a healthy 50 per cent and more.

    Gada further elaborated that around Rs 24 crore of its previous quarter’s revenues of around Rs 100 crore came courtesy digital or new media. He was specially buoyant about the 4.5 million views per day that its channels on YouTube were generating. Its mother channel Shemaroo had 2.28 million subscribers, Filmi Gaane had 1.8 million subscribers, Shemaroo Movies had 431,579 subscribers, and Shemaroo Kids had 281,000 subscribers cumulatively generating 1.42 billion views, 1.26 billion views, 142 million views and 186 million views, respectively.

    “So, that kind of bears out as a strategy and conviction that the content strategy that we are following is getting tremendous traction with the audience,” he said.

    Gada disclosed that telcos such as Vodafone, Idea and Airtel which it has partnered are already adding a “large component of revenues” to the company’s topline. “Then, there are all these (platforms) which are the next level of services, some of which are nascent or new like Reliance Jio or Hotstar or iTunes or any other international platforms. They hold tremendous potential.”

    Gada added that the company’s content is unmissable. “.. given the kind of content we are sitting on, no one can run a meaningful Bollywood service without some content from Shemaroo. So, to that extent, we are either in talks or already deployed on many of the platforms that are already operating.”

    Gada was hopeful of maintaining or hiking the revenue growth levels of 50 per cent that its new media focus has been generating over the next quarter as well. He also highlighted that margins for this segment were also higher than for the company as a whole as operating costs are being kept in check.

    Shemaroo has also tied up with DTH operators such as Tata Sky, Dish TV and Airtel to run specialised value added services for them covering movies, comedy, religious songs.

  • Interconnect tussle: Vodafone, Airtel, Idea may move court against proposed Rs 3,000-cr penalty

    Interconnect tussle: Vodafone, Airtel, Idea may move court against proposed Rs 3,000-cr penalty

    MUMBAI: The Telecom Regulatory Authority of India (TRAI) plans to impose a heavy penalty on three major telecom operators for failing to provide adequate interconnectivity to RJio even as operators attempted to comply with the rules. Jio had written to the TRAI seeking action against incumbent operators for not giving an adequate number of interconnection points.

    Several thousand customers of Reliance Jio’s new 4G network were facing disruption in service due to shortage of interconnection with other operators for some weeks now. TRAI had earlier called Idea Cellular, Airtel, Vodafone and Jio for a meeting. Point of interconnection, the place where two networks connect, is needed for seamless communication when a user of one operator calls a user of another operator.

    TRAI has now proposed penalties on Vodafone India, Bharti Airtel, and Idea Cellular for denying interconnection to Reliance Jio Infocomm (RJio), the new entrant into telecom space in India.

    The three incumbent operators meanwhile may take a legal recourse to challenge TRAI’s suggestions. A source from one of the operators told the Hindu, it was ‘surprising that RJio’s network was having congestion in all the circles’.

    TRAI has suggested levying of a ₹50-crore penalty per circle on the three incumbent players, which could total more than ₹3,000 crore. According to TRAI, Airtel and Vodafone have to pay ₹1,050 crore each, and Idea Cellular ₹950 crore. The penalty has been imposed for violating quality of service norms.

    RJio had written to TRAI seeking action against incumbent operators for not giving an adequate number of interconnection points on July 14 and July 15, to which TRAI had communicated to all three operators on July 19 to do the needful.

    According to RJio, it is targeting 100 million subscribers, for which it had approached existing operators seeking adequate interconnection. “Instead of augmenting the PoIs, other operators are blocking the PoI augmentation on various unreasonable grounds,” RJio said in a letter to DoT.

    However, incumbent operators initially refused to give these points of interconnection. The operators earlier said they could not release more interconnections because RJio was allegedly bypassing regulations by offering full-fledged services under the guise of test connections.

    However, after a meeting between the rival operators, hosted by TRAI, the incumbent operators started releasing points of interconnection. Though this eased the congestion on RJio’s network, the operator said that a majority of calls on its networks were still dropping.

    Meanwhile, the three incumbent operators may take a legal recourse to challenge TRAI’s suggestions. According to sources from one of the operators, it was ‘surprising that RJio’s network was having congestion in all the circles’.

    Under the licence conditions, operators are required to offer interconnection to each other. TRAI has set a cap of 14 paise as the interconnection charge, which means that operators on whose network the call originates have to pay that fee to the operator on whose network the call terminates. However, incumbent operators have refused to give interconnection.

  • Interconnect tussle: Vodafone, Airtel, Idea may move court against proposed Rs 3,000-cr penalty

    Interconnect tussle: Vodafone, Airtel, Idea may move court against proposed Rs 3,000-cr penalty

    MUMBAI: The Telecom Regulatory Authority of India (TRAI) plans to impose a heavy penalty on three major telecom operators for failing to provide adequate interconnectivity to RJio even as operators attempted to comply with the rules. Jio had written to the TRAI seeking action against incumbent operators for not giving an adequate number of interconnection points.

    Several thousand customers of Reliance Jio’s new 4G network were facing disruption in service due to shortage of interconnection with other operators for some weeks now. TRAI had earlier called Idea Cellular, Airtel, Vodafone and Jio for a meeting. Point of interconnection, the place where two networks connect, is needed for seamless communication when a user of one operator calls a user of another operator.

    TRAI has now proposed penalties on Vodafone India, Bharti Airtel, and Idea Cellular for denying interconnection to Reliance Jio Infocomm (RJio), the new entrant into telecom space in India.

    The three incumbent operators meanwhile may take a legal recourse to challenge TRAI’s suggestions. A source from one of the operators told the Hindu, it was ‘surprising that RJio’s network was having congestion in all the circles’.

    TRAI has suggested levying of a ₹50-crore penalty per circle on the three incumbent players, which could total more than ₹3,000 crore. According to TRAI, Airtel and Vodafone have to pay ₹1,050 crore each, and Idea Cellular ₹950 crore. The penalty has been imposed for violating quality of service norms.

    RJio had written to TRAI seeking action against incumbent operators for not giving an adequate number of interconnection points on July 14 and July 15, to which TRAI had communicated to all three operators on July 19 to do the needful.

    According to RJio, it is targeting 100 million subscribers, for which it had approached existing operators seeking adequate interconnection. “Instead of augmenting the PoIs, other operators are blocking the PoI augmentation on various unreasonable grounds,” RJio said in a letter to DoT.

    However, incumbent operators initially refused to give these points of interconnection. The operators earlier said they could not release more interconnections because RJio was allegedly bypassing regulations by offering full-fledged services under the guise of test connections.

    However, after a meeting between the rival operators, hosted by TRAI, the incumbent operators started releasing points of interconnection. Though this eased the congestion on RJio’s network, the operator said that a majority of calls on its networks were still dropping.

    Meanwhile, the three incumbent operators may take a legal recourse to challenge TRAI’s suggestions. According to sources from one of the operators, it was ‘surprising that RJio’s network was having congestion in all the circles’.

    Under the licence conditions, operators are required to offer interconnection to each other. TRAI has set a cap of 14 paise as the interconnection charge, which means that operators on whose network the call originates have to pay that fee to the operator on whose network the call terminates. However, incumbent operators have refused to give interconnection.

  • Idea, Vodafone neck-and-neck with Airtel, Jio in 4G tussle

    Idea, Vodafone neck-and-neck with Airtel, Jio in 4G tussle

    Idea and Vodafone have spent astronomical sums in spectrum auctions to acquire 2500 MHz airwaves so as to give a tough fight to Airtel and Jio which already have pan-India 4G holdings. Two of three telecom majors in India are betting on lower price of 2500 MHz. Idea Cellular and Vodafone India seem to have bet on 4G airwaves in that band.

    Global telecom expert Sanjay Kapoor however says, India would need further towers for 4G and investments. The former chairman of Micromax said that the telecom industry was moving towards consolidation.

    In the recent spectrum auction, nearly 60 per cent of airwaves, including premium 4G bands, remained unsold. Meanwhile, Airtel, Vodafone and Idea secured adequate 4G spectrum during the recently-concluded auction to counter Jio, making them more competitive, FE reported.

    Airtel acquired 173.8 MHz spectrum in bands of 1800MHz, 2100 MHz and 2300 Mhz for Rs 14,244 crore in circles including Kerala, Assam, Maharashtra, Delhi, Mumbai and the North-East. Idea acquired 349.20 MHz of spectrum for Rs 12,798 crore in 1800 MHz, 2100 MHz, 2300 MHz and 2500 MHz bands and will be able to offer 4G services on its own spectrum across 20 circles, including nine new service areas of Uttar Pradesh (West), UP (East), Gujarat and Mumbai.

    Vodafone India, which has emerged as the most aggressive bidder, has acquired spectrum in 1800 MHz, 2100 MHz and 2500 MHz bands for a total cost of Rs 20,280 crore. It has 17 circles with 4G capability.

    Experts said Vodafone and Idea have taken the plunge amid a rapidly-evolving devices ecosystem in 2500 MHz band in China besides the lower price of these airwaves, ET stated.

    Idea’s management recently guided for a rollout on this 4G band over the next two to five years as the ecosystem matures. Brokerages expect the 2500 MHz band devices ecosystem to evolve quickly in India thanks to Vodafone and Idea investing in them. Nearly, half the Rs 20,280 crore that second-largest carrier Vodafone spent at the auction went to 4G airwaves in the 2500 MHz band in 15 circles, while No. 3 Idea spent Rs 2,520.8 crore on the same in 16 circles.

  • Idea, Vodafone neck-and-neck with Airtel, Jio in 4G tussle

    Idea, Vodafone neck-and-neck with Airtel, Jio in 4G tussle

    Idea and Vodafone have spent astronomical sums in spectrum auctions to acquire 2500 MHz airwaves so as to give a tough fight to Airtel and Jio which already have pan-India 4G holdings. Two of three telecom majors in India are betting on lower price of 2500 MHz. Idea Cellular and Vodafone India seem to have bet on 4G airwaves in that band.

    Global telecom expert Sanjay Kapoor however says, India would need further towers for 4G and investments. The former chairman of Micromax said that the telecom industry was moving towards consolidation.

    In the recent spectrum auction, nearly 60 per cent of airwaves, including premium 4G bands, remained unsold. Meanwhile, Airtel, Vodafone and Idea secured adequate 4G spectrum during the recently-concluded auction to counter Jio, making them more competitive, FE reported.

    Airtel acquired 173.8 MHz spectrum in bands of 1800MHz, 2100 MHz and 2300 Mhz for Rs 14,244 crore in circles including Kerala, Assam, Maharashtra, Delhi, Mumbai and the North-East. Idea acquired 349.20 MHz of spectrum for Rs 12,798 crore in 1800 MHz, 2100 MHz, 2300 MHz and 2500 MHz bands and will be able to offer 4G services on its own spectrum across 20 circles, including nine new service areas of Uttar Pradesh (West), UP (East), Gujarat and Mumbai.

    Vodafone India, which has emerged as the most aggressive bidder, has acquired spectrum in 1800 MHz, 2100 MHz and 2500 MHz bands for a total cost of Rs 20,280 crore. It has 17 circles with 4G capability.

    Experts said Vodafone and Idea have taken the plunge amid a rapidly-evolving devices ecosystem in 2500 MHz band in China besides the lower price of these airwaves, ET stated.

    Idea’s management recently guided for a rollout on this 4G band over the next two to five years as the ecosystem matures. Brokerages expect the 2500 MHz band devices ecosystem to evolve quickly in India thanks to Vodafone and Idea investing in them. Nearly, half the Rs 20,280 crore that second-largest carrier Vodafone spent at the auction went to 4G airwaves in the 2500 MHz band in 15 circles, while No. 3 Idea spent Rs 2,520.8 crore on the same in 16 circles.

  • Eros International raises $30 million for Eros Now

    Eros International raises $30 million for Eros Now

    MUMBAI: Indian Bollywood major Eros International is getting hotter on OTT. It announced this morning that two of its existing top 10 institutional shareholders have increased their holdings in the company through a private placement and are pumping in approximately $30 million. The proceeds of the allotment will be primarily used to fund the further expansion of Eros Now, its OTT platform.

    Eros International group CEO & MD Jyoti Deshpande commented: “Our vision to transform Eros from a leading film studio to a leading digital company with a global footprint is well underway with Eros Now, our OTT platform crossing one million paid subscribers as of 30 June 2016. Our ownership of content and our strong balance sheet should provide tailwinds to grow the Eros Now subscriber base from one million to ten million and eventually hundred million within the next decade.”

    Eros Now is Eros International Plc’s leading on-demand Bollywood entertainment network accessible anytime, anywhere, on nearly any Internet-connected screen. Eros Now offers users across 135 countries a large library of films (Eros Now has rights to over 5,000 films), as well as premium television shows, music videos and audio tracks.

    Eros Now is also working on launching compelling original drama series for its viewers. It also has compelling product features such as offline viewing where premium subscribers can download the content and view it when not connected to the Internet make Eros Now a unique offering with focus on user experience.

    Available on Apple and Android platforms, Eros Now has integration deals with Airtel, Idea and Reliance Jio and several other operators internationally. A crucial deal was struck with Reliance Jio, the 4G player that has rolled out the most aggressive plan for digital India. In its platform-agnostic strategy, Eros has struck deals with OEMs and telecom operators such as Micromax, Airtel, Idea, LeEco, and Maxis.

    Through the Eros-Jio partnership, new and old movies including Bajirao Mastaani, Bajrangi Bhaijaan, Prem Ratan Dhan Payo and Tanu Weds Manu Returns, will be available on the JioOnDemand app. With 30 HD channels, Jio is offering live streaming of over 300 TV channels 10 genres and 15 languages.

    Available on Amazon Fire TV, Apple TV, and pre-installed in Android TV, Eros Now crossed over 50 million registered users worldwide across WAP, APP, and Web, as of 30 June 2016. It has already crossed over 1.1 million active unique paying subscribers who have paid for at least one month.

    Eros released 14 films in Q1 FY17 of which three were high, two were medium and nine were low-budget films. Sardaar Gabbar Singh (Telugu),Housefull 3 (Hindi), 24 (Tamil), Marudhu (Tamil) and Ki and Ka (Hindi) were the main revenue earning films during the quarter. Eros Now is planning to acquire 10,000 additional films to add to its strong library.

    Eros Now, in October 2015, partnered with Ortel, an MSO (multi system operator) and ISP, to offer a subscription-based movie streaming service. Eros had, in August last year, also negotiated a partnership with Airtel to offer video and movie content on Wynk. Eros Now tied up with WeChat in June 2015 so as to allow users to watch videos, listen to music, and get Bollywood gossip and news. Eros Now, in the same month, inked a content acquisition deal with Hum TV of Pakistan.

    Eros Now has a five-year worldwide target of at least 15-20 million subscribers with a blended annual ARPU of $30 internationally and $5 from India. Trinity Pictures, owned by Eros International is building its franchises with two Sino-Indian co-productions, with a scheduled FY 2018 release.

    Eros Now hopes to achieve at least two million paying subscribers by the end of FY 2017 and five million paying subscribers by the end of FY-18.

  • Eros International raises $30 million for Eros Now

    Eros International raises $30 million for Eros Now

    MUMBAI: Indian Bollywood major Eros International is getting hotter on OTT. It announced this morning that two of its existing top 10 institutional shareholders have increased their holdings in the company through a private placement and are pumping in approximately $30 million. The proceeds of the allotment will be primarily used to fund the further expansion of Eros Now, its OTT platform.

    Eros International group CEO & MD Jyoti Deshpande commented: “Our vision to transform Eros from a leading film studio to a leading digital company with a global footprint is well underway with Eros Now, our OTT platform crossing one million paid subscribers as of 30 June 2016. Our ownership of content and our strong balance sheet should provide tailwinds to grow the Eros Now subscriber base from one million to ten million and eventually hundred million within the next decade.”

    Eros Now is Eros International Plc’s leading on-demand Bollywood entertainment network accessible anytime, anywhere, on nearly any Internet-connected screen. Eros Now offers users across 135 countries a large library of films (Eros Now has rights to over 5,000 films), as well as premium television shows, music videos and audio tracks.

    Eros Now is also working on launching compelling original drama series for its viewers. It also has compelling product features such as offline viewing where premium subscribers can download the content and view it when not connected to the Internet make Eros Now a unique offering with focus on user experience.

    Available on Apple and Android platforms, Eros Now has integration deals with Airtel, Idea and Reliance Jio and several other operators internationally. A crucial deal was struck with Reliance Jio, the 4G player that has rolled out the most aggressive plan for digital India. In its platform-agnostic strategy, Eros has struck deals with OEMs and telecom operators such as Micromax, Airtel, Idea, LeEco, and Maxis.

    Through the Eros-Jio partnership, new and old movies including Bajirao Mastaani, Bajrangi Bhaijaan, Prem Ratan Dhan Payo and Tanu Weds Manu Returns, will be available on the JioOnDemand app. With 30 HD channels, Jio is offering live streaming of over 300 TV channels 10 genres and 15 languages.

    Available on Amazon Fire TV, Apple TV, and pre-installed in Android TV, Eros Now crossed over 50 million registered users worldwide across WAP, APP, and Web, as of 30 June 2016. It has already crossed over 1.1 million active unique paying subscribers who have paid for at least one month.

    Eros released 14 films in Q1 FY17 of which three were high, two were medium and nine were low-budget films. Sardaar Gabbar Singh (Telugu),Housefull 3 (Hindi), 24 (Tamil), Marudhu (Tamil) and Ki and Ka (Hindi) were the main revenue earning films during the quarter. Eros Now is planning to acquire 10,000 additional films to add to its strong library.

    Eros Now, in October 2015, partnered with Ortel, an MSO (multi system operator) and ISP, to offer a subscription-based movie streaming service. Eros had, in August last year, also negotiated a partnership with Airtel to offer video and movie content on Wynk. Eros Now tied up with WeChat in June 2015 so as to allow users to watch videos, listen to music, and get Bollywood gossip and news. Eros Now, in the same month, inked a content acquisition deal with Hum TV of Pakistan.

    Eros Now has a five-year worldwide target of at least 15-20 million subscribers with a blended annual ARPU of $30 internationally and $5 from India. Trinity Pictures, owned by Eros International is building its franchises with two Sino-Indian co-productions, with a scheduled FY 2018 release.

    Eros Now hopes to achieve at least two million paying subscribers by the end of FY 2017 and five million paying subscribers by the end of FY-18.

  • Tikona Digital permitted to bring in over Rs 250 crore as foreign direct investment

    Tikona Digital permitted to bring in over Rs 250 crore as foreign direct investment

    NEW DELHI: The Finance Ministry has cleared a proposal of M/s Tikona Digital Networks Pvt Ltd for the issuance of CCDs thereby increasing foreign equity to 76.73%.

    This will involve Foreign Direct Investment of Rs 267 crore, according to the approval by the Foreign Investments Promotion Board in its 238th meeting.

    The Ministry approved the proposal by Haymarket SAC Publishing (India) Private Limited for the take over the publication of the specialty magazine “Print Week” from Haymarket Media (India) Private Limited, its sister concern as it does not involve any foreign direct investment.

    The Ministry deferred decision on a proposal by Quintillion Business Media Private Limited seeking approval for the issuance of equity shares to BLOOMBERG L.P. The investee company is proposed to be engaged inter alia in the uplinking and broadcasting of a business news television channel and operating related digital content platform in India.

    It also deferred a proposal by The Financial Times (India) Private Limited for transfer of 99.99% of The Financial Times (India) Private Limited to Falstaff Singapore Pte Ltd, currently held by Pearson, Singapore, for an aggregate consideration of SGD 1; transfer of one share of The Financial Times (India) Private Limited to Falstaff Singapore Pte Ltd, currently held by Pearson, Amsterdam; and transfer of entire shareholding of Falstaff Singapore Pte Ltd to Nikkei Inc, currently held by Pearson, Amsterdam.

    The Ministry deferred a proposal by M/s Idea Cellular Infrastructure Services Limited (ICISL) to take on record the increase of foreign investment in ICISL beyond 50% and allow foreign investment in ICISL up to 67.5%.

    The Ministry noted that ICISL is a wholly owned subsidiary of IDEA which has become a foreign owned company with more that 50% foreign investment. Accordingly, ICISL is also deemed to have foreign investment in excess of 50% as a mirror image of its parent company.

    A proposal by M/s BT Global Communications (Mauritius) Limited to acquire remaining 26% equity and preference share capital of M/s BT Telecom India Private Limited (Investee Company) from M/s Jubilant Stock Holding Private Limited, which will result in increasing its shareholding in the investee company from 74% to 100% was also deferred.