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INDIA BUSINESS WORLD - NOVEMBER 2005
THE MONTH THAT WAS

GOVT NOTIFIES TELECOM FDI HIKE TO 74%


The much-awaited FDI notification hiking FDI in fixedline and cellular service companies to 74% from 49% was issued by the government. "The total composite foreign holding, including but not limited to investments by FIIs, NRIs, FCCBs, ADRs, GDRs, convertible preference shares, proportionate foreign investment in Indian promoters/investment companies including holding entities, will be referred to as FDI and will not exceed 74%," said the notification.

Thus 74% FDI can be made directly or indirectly in the operating company or through a holding company with the remaining 26% to be owned by resident Indian citizens or an Indian company. "FDI should not exceed 49% and the management remains with the Indian owners," said the notification.

However, the foreign component of the total holding in the Indian public sector banks and FIs will be treated as Indian holding. All the companies going for this would have to disclose the status every six months. The government said majority of directors, chairman, MD and CEO would be resident Indian citizens. The appointment of these positions among resident Indian citizens will be made in consultation with serious Indian investors, who will hold at least 10% equity in the company.

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