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Govt defers decision on FDI for Vodafone to acquire You Broadband

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NEW DELHI: The Government has deferred a decision on a proposal for acquisition of You Broadband India Ltd by Vodafone India Ltd.

The Foreign Investments Promotions Board had received the proposal by Vodafone for investing the entire share capital (100 per cent) of the broadband company.

Meanwhile, the Finance Ministry on the recommendation of FIPB rejected the proposal by BMJ Group India Private Limited to expand the scope of its business activities by engaging in the business of publication of certain scientific/specialty healthcare journals/periodical in line with the original edition of foreign publication being published by its holding company that is BMJ Publishing Group Limited, United Kingdom.

It also rejected the proposal by ExzatechSolutions Ltd for incorporating a wholly owned subsidiary in India whose main operations would be in the field of IT Sector.

As the applicant company is situated in Bangladesh and is going to incorporate a wholly owned subsidiary company in India, it comes under approval route.

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