PRESS TRUST OF INDIA
New Delhi, 6 December
The crucial meeting of the Foreign Investment Promotion Board to consider the Rs 10,141-crore proposal of UK telecom giant Vodafone to acquire the remaining stake in its Indian arm scheduled for today has been postponed for Monday. “…the 199th meeting of the FIPB, which was scheduled to be held on Friday, the 6 December 2013 … has been postponed and will now be held on Monday, the 9 December 2013…,” the finance ministry said.
The Vodafone proposal along with 10 other would now be taken up on Monday, it added. However, no reason was assigned for postponement of the meeting.
The board is headed by economic affairs secretary Arvind Mayaram.
CGP India Investments Ltd, an indirect Mauritian unit of Vodafone International Holdings BV, is seeking approval to buy the entire stake held by minority shareholders in Vodafone India Ltd. Vodafone holds a 64.38 per cent stake in the Indian unit.
The proposal was earlier listed on the agenda of FIPB’s meeting on 13 November, but could not be taken up for want of comments from various ministries.
Opinions were sought from the DoT, department of industrial policy and promotion, ministry of home affairs, ministry of external affairs and the department of revenue.