The Foreign Investment Promotion Board (FIPB) has rejected a proposal by long distance communication services company Meta Telecom seeking to increase its foreign equity component from 40 per cent to 73.45 per cent, a government statement said today.
Althought the statement did not specify the reason for the rejection, previously published news reports have suggested that the necessary security clearances were not granted to the company by the government agencies.
Last year, Meta Telecom, promoted by Amit Gupta and Dalto Thread, had jumped into the fray for mobile licences. Its application, along with that of several other bidders, is yet to be considered by the department of telecom.
