DoT of India Gives 100% FDI Approval to Idea Cellular
The Indian mobile network operator, Idea Cellular stated that the company obtained an approval to raise the Foreign Direct Investment (FDI) limit from the Department of Telecom (DoT). The operator informed that the previous FDI limit stood at 67.5 percent and now has been raised to 100 percent on Monday.
The Idea Cellular, in this context, stated, "The approval is for total foreign investment up to 100% in Idea Cellular, and total indirect FDI in its relevant subsidiaries – Aditya Birla Telecom Ltd. and Idea Cellular Infrastructure Services Ltd."
Idea Cellular is reportedly in the process of federating with Vodafone India. The approval for the merger by the telecom department is in the final stages of acceptance. The approval to raise FDI is a great step in the process of incorpora...