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Foreign holding in private banks, financial institutions and domestic companies, will be taken into consideration while pegging the 74% foreign investment in telecom companies. The entire holdings of public sector banks and financial institutions will be treated as Indian holding that can reflect in the 26% component of domestic equity. In effect, the foreign holding in ICICI and HDFC would be taken into consideration while calculating the FDI In telecom companies. The Union Cabinet gave four months to the telecom service providers who violated the 74 FDI provision. The 74% FDI ambit has included foreign institutional investors, NRIs, FCCBs, convertible preference shares. Centre has directed the telecom licencee companies to provide FDI compliance reports once every six months. The Intelligence Bureau has been empowered to decide when remote access has to be provided to a foreign Agency. The centre has also cleared a proposal to merge IBP with IOC. IOC currently holds 53% equity in IBP. I&B Minister Jaipal Reddy said the merger would be "straight one". He evaded questions as to whether the IBP brand name would be retained or not. |
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| Posted : 10/27/2005 |
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