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You Broadband-Vodafone proposal accepted, Atria & Netmagic FDI cleared

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NEW DELHI: The government has accepted a proposal by Vodafone India Ltd for acquisition of 100% shares of M/s You Broadband India Limited by way of transfer from resident shareholders and non-resident shareholder. A 100% foreign owned company, Vodafone, will invest Rs 550.9 million as direct investment.

The finance ministry, on the recommendation of the Foreign Investments Promotion Board, has also accepted a post facto proposal of You Broadband India Limited for acquisition of 9,79,875 equity shares of its downstream company Digital Outsourcing Private Limited (DOPL) in lieu of issue of 20,58,759 equity shares to its resident shareholders by way of swap of shares. This does not involve any fresh inflow of FDI.

A proposal by Atria Convergence Technologies Private Limited for transfer of 0.99% of shares currently held by resident shareholders to the existing foreign investors Argan (Mauritius) Limited, Mauritius, and TA FVCI Investors Limited, Mauritius, and also for acquisition of up to 100% shares of the investee company by the foreign investors M/s Argan (Mauritius) Limited and TA FVCI Investors Limited, in future depending upon the exigencies of the remaining Indian resident shareholders. This will involve a fresh inflow of Rs 350 million in FDI.

JC Decaux Advertising India Private Limited, an existing foreign owned company engaged in the activity of Out-of-Home advertising, has been permitted to bring in Rs 350 million for expansion of its business into telecom sector as a telecom infrastructure service provider.

Netmagic Solutions Private Limited has been allowed to increase the foreign shareholding of the company from 81.63% to 100% by NTT Communications Corporation, Japan, with a fresh inflow of Rs 5.3383 billion FDI. FIPB has referred to the Cabinet Committee on Economic Affairs (CCEA) a proposal by

Flag Telecom Singapore Pte Limited, Singapore, an indirect wholly-owned subsidiary of Reliance Communications, India, to acquire 100% shares of Reliance Global Cloud Xchange Limited. The amount involved as FDI is Rs 7.89 billion.

(It may be recalled that Finance Minister Arun Jaitley had in his budget on 1 February announced his proposal to scrap the FIPB.)

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