Vodafone, Netmagic FDI plans approved, CCEA to vet Flag Telecom proposal

Vodafone India Limited has got the green signal for acquiring the entire stake of You Broadband India Ltd by way of transfer from resident and non-resident shareholder for Rs 55.09 crore.

Vodafone and Netmagic on Friday got government clearance for their investment plans in India while the Cabinet Committee on Economic Affairs (CCEA) will vet the proposals of Flag Telecom, Apollo Hospitals and Twin Star Technologies.

(HT photo)

Vodafone India Limited has got the green signal for acquiring the entire stake of You Broadband India Ltd by way of transfer from resident and non-resident shareholder for Rs 55.09 crore.

Following the recommendation of Foreign Investment Promotion Board, the government has also given approval to NTT Communications Corp of Japan to increase its stake in Netmagic Solutions Private Ltd from 81.63% to 100% for Rs 533.83 crore.

The FIPB has referred to the CCEA investment proposals of Flag Telecom, Apollo, and Twinstar Display Technologies.

Reliance Communication’s subsidiary Flag Telecom Singapore Pte Limited of Singapore has sought FIPB approval to acquire 100% shares of Reliance Global Cloud Xchange Limited for Rs 789.00

Mauritius-based Twin Star Technologies has sought approval to act as an investing company for investing in Twinstar Display Technologies Ltd and other Indian companies.