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ByCell gets go-ahead for Bengal service

New Delhi, Feb. 13: The government today approved the proposal of ByCell Communications to start mobile services in Bengal and Assam.

The ByCell plan was among the 25 foreign direct investment (FDI) proposals cleared by the finance ministry, involving a total inflow of Rs 5,585 crore.

ByCell will invest Rs 1,950 crore in the five telecom circles of Assam, Bihar/Jharkhand, the Northeast, Orissa and Bengal for which it already has the approval of the Foreign Investment Promotion Board. It will also apply for licences in the remaining 17 circles of the country.

The other FDI projects approved by finance minister P. Chidambaram include the proposals of JM Financial Trustee, Dumeric Holdings Pvt Ltd, AAPC Hotels Management and Sequoia Capital India Growth Investments.

According to JM Financial Trustee’s Rs 1,460 crore plan, the company will infuse foreign equity through the private placement of units.

Mumbai-based Dumeric Holdings Pvt Ltd had submitted a Rs 400-crore proposal to convert itself from an operating company into an operating-cum-holding firm to make further downstream investments.

The Rs 400-crore proposal of KVK Energy & Infrastructure Private Ltd to infuse foreign equity by subscribing to fresh equity shares, fully convertible debentures or preference shares was also cleared.

Mauritius based-Sequoia Capital India Growth Investments plans to invest Rs 120 crore in a holding company, which has downstream subsidiaries in the financial sector.

Singapore-based AAPC Hotels Management’s Rs 526 crore proposal to infuse foreign equity by investing directly or through its Indian joint venture companies also got the green signal.

Another proposal cleared was that of Bangalore-based Indian Aeroventures Private Limited to function as an operating-cum-holding company and make downstream investments in areas such as maintenance, repair and overhaul of engines and training.

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