India defers decision on Etisalat share transfer

NEW DELHI, INDIA: India has deferred a decision to allow transfer of shares from resident to non-resident in the India telecoms venture of Etisalat, a finance ministry statement said on Monday, without citing any reason.

The UAE telecoms company said earlier this month that it had filed an application to raise stake to 50 per cent plus one share in its Indian unit, Etisalat DB Telecom Pvt Ltd, from its current 44.73 per cent and was awaiting regulatory approval.

The statement from the Foreign Investment Promotion Board, a unit of the finance ministry, said the board has approved 12 foreign direct investment proposals worth 10.46 billion rupees ($226 million), including one from Max India, which runs hospitals and a life insurance business in the country.

Max India's proposal to raise 5.29 billion rupees ($114.5 million) through fully convertible debentures had been approved, the statement said.

The government also approved Walt Disney's proposal to print a specialty magazine in India, it said, without indicating any potential investment details.