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| TTSL to close Quippo deal by July; withdraws FIPB application |
| Press Trust of India / New Delhi Jun 12, 2009, 15:51 IST |
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With new FDI norms in place, Tata Teleservices Ltd has withdrawn its application seeking FIPB approval for merging its subsidiary tower firm with Quippo Telecom Infrastructure Ltd.
"With the new foreign direct investment (FDI) norms coming in place, we do not need to get FIPB’s approval for our deal with Quippo," Tata Teleservices managing director Anil Sardana said on the sidelines of a conference.
Sardana further said that TTSL had withdrawn its application from FIPB.
"About a week back, we withdrew our application. It should take another three weeks to take a legal view and complete all formalities internally," he added. Under the new norms, the deal does not require clearance and falls under the 'automatic approval' category.
Earlier, the deal had hit a roadblock as the Ministry of Home Affairs has sought more time to examine the deal.
Tata Teleservices, the country’s second-largest CDMA-telecom operator, had earlier this year announced the sale of 49 per cent of its tower arm Wireless TT Info-Services (WTTIL) to Quippo Telecom Infrastructure for Rs 2,400 crore in cash.
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