ITV

Tag: Reliance Globalcom

  • Reliance Globalcom denied permission to acquire GCX India

    Reliance Globalcom denied permission to acquire GCX India

    NEW DELHI: The Government has denied permission to Reliance Globalcom Ltd to take over GCX India Ltd.

     

    The Finance Ministry on the recommendations of the Foreign Investments Promotion Board (FIPB) rejected the proposal by Reliance for the India owned and controlled company.

     

    GCX Ltd is involved in database activities and distribution of electronic content, which includes data base development, data storage and data base availability.

     

    Meanwhile, the Government deferred a decision by FireFly Networks Limited for 50 per cent existing foreign investment (indirect) and to permit commencement of activities as a Telecom Infrastructure Provider Category-I (IP1).

  • Hathway gets govt nod for increasing FDI; Den proposal deferred

    Hathway gets govt nod for increasing FDI; Den proposal deferred

    NEW DELHI: Hathway Cable and Datacom Limited has received approval from the Government for increasing foreign investment limit for FIIs, FPIs, etc.

     

    The Government has cleared seven foreign investment proposals, including that of Hathway, totalling over Rs 981 crore.

     

    The recommendation by the Foreign Investments Promotion Board (FIPB) under the Portfolio Investment Scheme from 49 per cent of its issued and fully paid up share capital to 74 per cent was approved by the Finance Ministry.

     

    However, the proposal by the other major multi system operator, Den Networks Limited has been deferred yet again. The proposal was for increase in foreign investment limit beyond 49 per cent and upto 74 per cent by FIIs, NRIs, FPIs, and other eligible foreign investors through route of Secondary Market/Open Market purchase.

     

    Proposals of Reliance Globalcom (Bemuda) and Sistema Shyam Teleservices were also deferred.

     

    According to the Ministry, the proposal, related to the telecom and broadcasting sector had investment worth Rs 963 crore.