Govt approves Reliance Comm's ADR
Government has approved Reliance Communications Ltd's proposed issue of $1.2 billion of American or Global Depository Receipts, the finance ministry said on Tuesday.
In total, 23 foreign direct investment proposals worth 59.11 billion rupees were approved, the ministry said in a statement.Reliance Communications, India's second-largest mobile carrier, said in a regulatory filing earlier this month that it wanted to raise $1.2 billion to expand its telecoms business.
The ministry did not give an indication of the timing of Reliance Communication's proposed ADR/GDR issue. When contacted, a company spokesman declined to comment on the planned issue.
Reliance Communications is competing with Britain's Vodafone Group Plc and India's Hinduja Group to win control of fourth-ranked Hutchison Essar, which has 16 per cent of the Indian mobile market and is valued by brokers at up to $20 billion.
Hutchison Essar is 67 per cent owned by Hong Kong's Hutchison Telecommunications International Ltd and 33 per cent controlled by India's Essar group, who have also expressed interest in raising their stake.
Reliance Communication has also announced plans to expand the network capacity of its subsidiary Flag Telecom.
The other approvals include
US investment bank Lehman Brothers' planned investment of 2.25 billion rupees in its Indian arm.
French renewable energy company Velcan Energy could invest 2 billion rupees in its Indian unit.
Mauritius based Horse-Shoe Capital to invest Rs 45 crore to make downstream investments in companies engaged in providing telecommunication infrastructure.
Hong Kong based Haier International for marketing and distribution of Haier brand mobile phones.
US based Bloomingdale International, which will allow the company to set up a chain of five-star and three-star hotels in the country. The company will invest Rs 8.6 crore as per the application.
Singapore-based Sincere Watch has also got an approval to set up a wholly-owned subsidiary to set up duty free shops at airports, seaports and SEZs.
Bank of Muscat to invest Rs 10.92 crore in an NBFC in India.
Delta Plus’ to set up a JV with 90% foreign equity for warehousing and export activity.
Deutsche Post international to raise its stake from 49% to 51% in DHL Danzas, which is engaged in carrying on business of transportation, air freight and ocean freight.
In total, 23 foreign direct investment proposals worth 59.11 billion rupees were approved, the ministry said in a statement.Reliance Communications, India's second-largest mobile carrier, said in a regulatory filing earlier this month that it wanted to raise $1.2 billion to expand its telecoms business.
The ministry did not give an indication of the timing of Reliance Communication's proposed ADR/GDR issue. When contacted, a company spokesman declined to comment on the planned issue.
Reliance Communications is competing with Britain's Vodafone Group Plc and India's Hinduja Group to win control of fourth-ranked Hutchison Essar, which has 16 per cent of the Indian mobile market and is valued by brokers at up to $20 billion.
Hutchison Essar is 67 per cent owned by Hong Kong's Hutchison Telecommunications International Ltd and 33 per cent controlled by India's Essar group, who have also expressed interest in raising their stake.
Reliance Communication has also announced plans to expand the network capacity of its subsidiary Flag Telecom.
The other approvals include
US investment bank Lehman Brothers' planned investment of 2.25 billion rupees in its Indian arm.
French renewable energy company Velcan Energy could invest 2 billion rupees in its Indian unit.
Mauritius based Horse-Shoe Capital to invest Rs 45 crore to make downstream investments in companies engaged in providing telecommunication infrastructure.
Hong Kong based Haier International for marketing and distribution of Haier brand mobile phones.
US based Bloomingdale International, which will allow the company to set up a chain of five-star and three-star hotels in the country. The company will invest Rs 8.6 crore as per the application.
Singapore-based Sincere Watch has also got an approval to set up a wholly-owned subsidiary to set up duty free shops at airports, seaports and SEZs.
Bank of Muscat to invest Rs 10.92 crore in an NBFC in India.
Delta Plus’ to set up a JV with 90% foreign equity for warehousing and export activity.
Deutsche Post international to raise its stake from 49% to 51% in DHL Danzas, which is engaged in carrying on business of transportation, air freight and ocean freight.
posted by SY at 12:19 PM
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