Idea Cellular in spotlight after DoT approval for increase in FDI

Idea Cellular said that the company has received approval on its application to increase Foreign Direct Investment (FDI) limit in the company to 100%, from the current 67.5%, from the Department of Telecom (DoT).The approval is for total foreign investment upto 100% in Idea Cellular, and total indirect FDI in its relevant subsidiaries - Aditya Birla Telecom and Idea Cellular Infrastructure Services.The announcement was made after market hours yesterday, 4 June 2018.

The FDI approval is a major milestone in the merger process of Vodafone India with Idea Cellular, and follows other statutory approvals already received from the Sebi, NSE, BSE, CCI and NCLT Mumbai and NCLT Ahmedabad. The merger of Vodafone India with Idea Cellular is in the final leg of regulatory approvals and is expected to complete in H1CY18, subject to the final approval from the DoT.

Great Eastern Shipping Company has contracted to sell its 2001 built Supramax Dry Bulk Carrier Jag Ratan of about 52,179 dwt. The vessel will be delivered to the new buyer in H1 FY 2018-19. The announcement was made after market hours yesterday, 4 June 2018.

Sunteck Realty said that the company's board of directors has approved a proposal for an increase in the investment limits by Registered Foreign Portfolio Investors (RFPIs) including Foreign Institutional Investors (FIIs) from the existing limit of 24% to 49% of the paid up equity share capital of the company. The increase will make available more limits for the RFPIs/ FIIs to invest in the equity share capital of the company. The announcement was made after market hours yesterday, 4 June 2018.

Sudarshan Chemical Industries announced the divestment of its plastics masterbatch business, Prescient Color Ltd., to Americhem, Inc. The transaction was completed on 1 June 2018. The company has planned to invest around Rs 1000 crore (USD 150 Million) over the next five years to focus on pigments as core business and to be a market leader. The announcement was made after market hours yesterday, 4 June 2018.

NIIT announced that it has entered into a five year long-term Learning and Development agreement with Pitney Bowes. Pitney Bowes is a global technology company providing commerce solutions that power billions of transactions. The announcement was made after market hours yesterday, 4 June 2018.

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