New Delhi, June 30: The Foreign Investment Promotion Board (FIPB) has referred to the law ministry a proposal of cellular operator JT Mobile to transfer the stake of one of its foreign partners Telia AB of Sweden to another group company Telia Overseas AB.JT Mobile approached FIPB a fortnight ago to effect a change in its foreign partner Telia AB following global restructuring in that company. FIPB had deferred the proposal during its latest weekly hearing.
Official sources told PTI on Wednesday that the application of JT Mobile was referred to the law ministry seeking its view since the company owes a huge amount to the government on account of licence fee. JT Mobile, which is the cellular operator in Karnataka and Andhra Pradesh circles, owes Rs 636 crore to the exchequer as licence fee dues as on 30 April, 1999.
The application was moved following global restructuring of Telia operations by which all overseas operations are shifted from the holding company Telia AB to Telia Overseas AB, a subsidiaryformed for the purpose.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.