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Clarification regarding a proposal for foreign investment considered by the FIPB
May, 09th 2012
                                                                                         `15'
                            PRESS INFORMATION BUREAU
                              GOVERNMENT OF INDIA
                                       ****

                                     CLARIFICATION

                                                                 New Delhi Jyaistha 18, 1934
                                                                              May 08, 2012

       The Central Government's attention has been drawn to a report in one newspaper
containing allegations against a proposal for foreign investment that was considered by the
Foreign Investment Promotion Board (FIPB).

       The report is factually incorrect and totally baseless.

        Government had earlier issued a press release on April 28, 2012 regarding the foreign
investment made by M/s. Global Communication Services Holdings Ltd, Mauritius to acquire
73.99 per cent equity in M/s. Aircel Ltd. The contents of that statement are correct and are
reiterated.

       Subsequently another application was received for downstream investment by M/s
Global Communications Services Holdings Ltd. The relevant dates are:

1.9.2006              Application for Investment

3.10.2006             Meeting of FIPB: FIPB recommends proposal.

6.10.2006             Minutes of FIPB drawn up and moved by Deputy Secretary.

12.10.2006    Finance Minister approves the minutes.

20.10.2006    Formal letter of approval issued.

       It will be clear from the above that the proposal was processed in the normal course
and approval was granted in the normal course without any delay.

        It is unfortunate that baseless allegations are continued to be made without verifying
the facts.
                                     *****

       DSM/Hb



 
 
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