Bycell's Rs 1,950 cr investment gets FIPB nod

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New Delhi, Feb 13 (UNI) The government has approved a Rs 1,950 crore investment from global telecom major, Bycell Telecommunications to offer pan-India GSM mobile telephony.

The investment by Bycell will be over a period of 3-5 years.

Bycell is part of the 25 Foreign Direct Investment (FDI) proposals worth Rs 5,584.82 crore which the Finance Minister P Chidambaram approved at Foreign Investment Promotion Board (FIPB) meeting held on February 8, 2008.

Another major FDI approval is for JM Financial Trustee Co Ltd's Rs 1,460 crore investment in the form of foreign equity by way of subscribing to private placement of units of Indian company engaged in construction development projects.

AAPC Hotels Management Pte Ltd, Singapore's Rs 526 crore investment as foreign equity by way of investing directly or through its Indian JV companies and the construction, development, owning and managing hotels also got the FIPB nod.

Sequoia Capital India Growth Investments I, Mauritius Rs 120 crore investment to convert the operating company into operating-cum-holding company and induction of foreign equity in a holding company got the finance ministers approval.

Indian Aero-ventures Pvt Ltd, Bangalore's investment of Rs 131.20 for maintenance repair and overhaul of engines, training in the viation sector and Parkway Group Health Care Pte Ltd, Singapore Rs 155 crore proposal to set up a greenfield multi-speciality hospital also got the FIPB nod.


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