ByCell gets FIPB nod for pan-India presence

NEW DELHI, INDIA: The Foreign Investment Promotion Board today officially approved ByCell’s proposal to increase paid-up capital and presence in the country.

In September 2007 ByCell had approached FIPB for amendment of their original proposal to become pan-Indian operator.

FIPB had cleared the company’s proposal to apply for telecom licenses in 17 circles on February 8.

Earlier, the company had told CyberMedia News

that it would invest Rs 2000 crore in the next two years for the five circles it had initially applied for.

The newly-formed GSM mobile operator has plans to offer its services in West Bengal, Orissa, Assam, Bihar and North East, with a targeted customer base of 10 crore within next three years.

The company would primarily focus on rural and semi-rural areas.

ByCell India became the first to apply for the license after the government announced FDI norms in telecom sector in 2005. On January 31, 2006, the company had also received the approval of the FIPB.