FIPB rejects Tata Tele plea over DoCoMo

Written by Press Trust of India | New Delhi | Updated: Jun 30 2009, 05:39am hrs
The government is understood to have told the Tatas that the FDI norms, under which they were allowed a joint venture with the Japanese firm DoCoMo, will have to be followed despite change in policy in February.

Tata Teleservices plea for a waiver from compounding of its downstream investments in Virgin Mobile India, Tata Internet Services, Tata Teleservices (Maharashtra), Wireless TT Info services and Andhra Pradesh Gas Poser Corporation is believed to have been rejected by the Foreign Investment Promotion Board (FIPB), sources said. When contacted, TTSL spokesperson said, We are yet to receive any information from FIPB .