(a) whether Foreign Investment Promotion Board (FIPB) has deferred the proposal
of a telecom company of Norway to hike stake in its Telecom Joint Venture;
(b) if so, the reasons therefor;
(c) whether FIPB clearance is mandatory for enhancing stake; and
(d) if so, the details thereof?
MINSTER OF THE STATE IN THE MINISTRY OF FINANCE (SHRI NAMO NARAIN MEENA)
(a): Foreign Investment Promotion Board (FIPB) has deferred the proposal for foreign investment
by M/s. Telenor Asia Pte.Ltd., Singapore in M/s. Unitech Wireless (Tamil Nadu) Private Limited.
The Government of Norway through the Ministry of Trade and Industry has a majority stake (53.97%)
in the Telenor Group.
(b): The proposal was deferred for want of comments from Ministry of Home Affairs.
(c)& (d): Yes, Sir.As per Press Note 3 (2007 series), FIPB clearance is mandatory for increase
in foreign equity beyond 49% in Telecommunication sector.