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FIPB approves FDI hike in Hutchison Essar Limited

August 15, 2006
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The Foreign Investment Promotion Board (FIPB) has approved a hike in FDI in Hutchison Essar Limited (HEL) to about 68 per cent from the earlier 49 per cent. Post the approval, 52 per cent foreign equity in HEL will be held by Hutchison while Essar will hold the balance 16 per cent through its foreign subsidiary Essar Communications. Essar recently also applied to the FIPB to increase its foreign holding in HEL to 22.02 per cent, from the approved 16 per cent, through an investment of up to $500 million (about Rs 23.3 billion). As part of the company's equity restructuring exercise, Essar Communications will acquire the 10 per cent equity held by Essar Telecom Investments. In addition, Essar Telecom Investments, which is a 100 per cent Indian company, will buy a 10.97 per cent stake in HEL from Essar Teleholdings and Vilsat Investments. The restructuring exercise will take the Essar Group's total holding in HEL to 33.01 per cent.

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