\n
Sistema Shyam, however, categorically said no FIPB approval is needed for its ongoing merger deal with RCom<\/a> to go through. SSTL’s comments come amid news of the FIPB rejecting its application to increase foreign holding beyond 74 per cent for a second time.
\n
\nThe reasons for the rejection aren’t immediately clear. “It would be premature to comment in detail as SSTL is awaiting a formal communication from FIPB to appropriately respond. However, it is significant to note that FIPB approval has no bearing on the progress of the SSTL RCom deal as both are independent processes,” a Sistema Shyam spokesman said in a written response to ET’s queries.
\n
\nRCom declined comment on matter. Anil Ambani-led RCom is merging SSTL with itself in a cashless deal worth around Rs 4,500-5,000 crore. Following the merger deal, SSTL will get about a 10 per cent stake in the combined entity, but no board seat or veto powers.
\n
Accordingly, Sistema Shyam will need “FIPB approval to be able to offer an exit option to its Indian shareholders within three months of its merger with RCom,” a person with direct knowledge of the RCom-SSTL<\/a> merger talks said.
\n
\nRussian conglomerate Sistema JSFC and the Russian government collectively own nearly 74 per cent of Sistema Shyam. Foreign Investment Promotion Board approval is required to enable SSTL’s Russian owners to buy out the Indian shareholders who hold the remaining stake.
\n
\nSistema Shyam’s original proposal to raise its foreign ownership beyond 74 per cent had hit a hurdle nearly two years ago over confusion on the proposed mode of investment.
\n
\nThe telecom department had then said that the plan would need Reserve Bank of India (RBI) approval as it had reportedly been structured as an overseas debt deal and not as foreign direct investment (FDI).\n\n<\/body>","next_sibling":[{"msid":53663137,"title":"Pakistan adopts controversial law to deal with cyber crimes","entity_type":"ARTICLE","link":"\/news\/pakistan-adopts-controversial-law-to-deal-with-cyber-crimes\/53663137","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"seoschemas":false,"msid":53663251,"entity_type":"ARTICLE","title":"Sistema to seek nod afresh to up foreign holding","synopsis":"SSTL\u2019s comments come amid news of the FIPB rejecting its application to increase foreign holding beyond 74 per cent for a second time.","titleseo":"telecomnews\/sistema-to-seek-nod-afresh-to-up-foreign-holding","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=250&height=250&imgsize=33990","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2016-08-12 08:32:43","lastupd":"2016-08-12 08:35:34","breadcrumbTags":["RCom","industry","FIPB","Sistema Shyam Teleservices","RCom-SSTL"],"secinfo":{"seolocation":"telecomnews\/sistema-to-seek-nod-afresh-to-up-foreign-holding"}}" data-authors="[" kalyan parbat"]" data-category-name="" data-category_id="" data-date="2016-08-12" data-index="article_1">
加尔各答:Sistema Shyam电信业务有限公司(萨)将寻求新鲜的批准外国投资促进委员会(FIPB)提高外国持有的公司超过74%以提供一个退出的选择印度股东与信实电信合并后,法律专家意识到这件事告诉等。
然而,Sistema Shyam明确表示不需要FIPB批准其进行合并处理信实电信通过。萨里发表上述言论之际,FIPB拒绝的消息应用增加外国乐动扑克举行第二次超过74%。
拒绝的原因并不清楚。详细评论“为时过早,萨里正在等待正式的沟通从FIPB适当回应。然而,重要的是要注意,FIPB批准对萨里的进展没有轴承RCom交易都是独立的过程,”一个Sistema Shyam发言人说在一份书面回应等的查询。
信实电信拒绝置评。Anil Ambani-led RCom合并萨里和自己在一个无现金交易价值约4500 - 5000卢比。并购交易后,萨里将获得合并后公司10%的股权,但没有董事会席位或否决的权力。
因此,Sistema Shyam需要“FIPB批准能够提供三个月内印度股东退出选项与信实电信合并,“一个人直接的知识RCom-SSTL合并谈判。
俄罗斯集团Sistema JSFC和俄罗斯政府共同拥有近74%的Sistema Shyam。外国投资促进委员会批准需要启用萨里的俄罗斯老板买下印度持有剩余股份的股东。
Sistema Shyam最初的提议提高外资超过74%将近两年前遇到障碍了混乱的提议的投资方式。
电信部门曾说,该计划将需要印度储备银行(RBI)批准了据说是结构化的海外债务协议而不是外国直接投资(FDI)。
然而,Sistema Shyam明确表示不需要FIPB批准其进行合并处理信实电信通过。萨里发表上述言论之际,FIPB拒绝的消息应用增加外国乐动扑克举行第二次超过74%。
拒绝的原因并不清楚。详细评论“为时过早,萨里正在等待正式的沟通从FIPB适当回应。然而,重要的是要注意,FIPB批准对萨里的进展没有轴承RCom交易都是独立的过程,”一个Sistema Shyam发言人说在一份书面回应等的查询。
信实电信拒绝置评。Anil Ambani-led RCom合并萨里和自己在一个无现金交易价值约4500 - 5000卢比。并购交易后,萨里将获得合并后公司10%的股权,但没有董事会席位或否决的权力。
因此,Sistema Shyam需要“FIPB批准能够提供三个月内印度股东退出选项与信实电信合并,“一个人直接的知识RCom-SSTL合并谈判。
俄罗斯集团Sistema JSFC和俄罗斯政府共同拥有近74%的Sistema Shyam。外国投资促进委员会批准需要启用萨里的俄罗斯老板买下印度持有剩余股份的股东。
Sistema Shyam最初的提议提高外资超过74%将近两年前遇到障碍了混乱的提议的投资方式。
电信部门曾说,该计划将需要印度储备银行(RBI)批准了据说是结构化的海外债务协议而不是外国直接投资(FDI)。
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