The government on Thursday approved Idea Cellular’s subsidiary Aditya Birla Telecom Ltd’s proposal to bring in foreign direct investment of Rs 2,704. 21 crore from a Mauritius-based entity, taking the total FDI in the entity to 74 per cent.
Aditya Birla Telecom (ABTL) has a licence to offer mobile services in the Bihar circle.
The approval is, however, subject to certain conditions recommended by the Foreign Investment Promotion Board, Minister for Science and Technology Kapil Sibal said after the cabinet meeting.
“The Cabinet Committee on Economic Affairs gave its approval to the proposal of Aditya Birla Telecom to sell up to 25,00,000 compulsorily convertible preference shares to P5 Asia Holding Investments (Mauritius) Ltd,” Sibal said.
Aditya Birla Telecom also holds 50,000 equity shares of Idea Cellular Towers infrastructure, he added.
P5 Asia Holdings Investments (Mauritius) Ltd is a member of the Providence Equity Group.
