from non-repatriable basis to repatriable basis
New Delhi, May 9 (UNI) The Cabinet Committee on Economic Affairs today gave its approval for the proposal of M/s. Teletech Investment (India) Limited for converting the original investments made in foreign exchange by Infotech in Teletech from non-repatriable basis to repatriable basis.
It also approved additional infusion of equity capital into Teletech upto Rs 1500 crore by Essal Metal Holdings Ltd. (EMHL) and Essar Power Holdings Limited (EPHL) for making downstream investments in Indian companies under the automatic route of FDI and for repaying liabilities, subject to the condition that the downstream investment shall be in sectors where FDI is permitted and no NFBC activity would be undertaken by the company.
The total inflow of foreign investment as a result of the infusion of additional equity capital is upto Rs 1500 crore, decided the meeting presided over by the Prime Minister Manmohan Singh decided.
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