Bharti, MTN Chiefs Meet FM Mukherjee
Bharti Airtel Chairman Sunil Mittal and MTN Group Chief Executive Phuthuma Nhleko met Finance Minister Pranab Mukherjee to discuss the proposed merger deal between the two companies.
The meeting was likely to discussion various regulatory issues arising out of the new Foreign Direct Investment (FDI) rules under Press Notes 2, 3 and 4, where the finance ministry’s role would be crucial in getting the deal through.
Both the company heads also met Corporate Affairs Minister Salman Khurshid.
Under the new rules, proportionate foreign holdings through various multi-layered investment companies will not be calculated for the purpose of FDI, as long as Indians hold 51 percent in each of these companies. Earlier, the proportionate foreign holding was calculated at every layer.
Under the new policy, Bharti can bring in more equity through FDI. The new rules, however, have been opposed by the Reserve Bank of India and sections of the government as it is not in consonance with the sectoral caps imposed on various sectors under the earlier rules.
- 5 Ways To Create A CX-First Culture For Executives
- New Regulations, Advanced Tech Haunt C-Suite: Report
- Lenovo Promotes Bhaskar Choudhuri To CMO For Asia Pacific
- Walmart-Flipkart Deal Faces Big Threats From Small Traders
- Ex-SoftBank Executive Nikesh Arora Joins Palo Alto As CEO
- Digital CFOs Stepping Up Efforts To Transform Finance: Study
- Demystifying AI And Analytics With Sameer Dhanrajani
- The Final GDPR Checks You Mustn’t Forget
- 10 Signs Your Analytics Program Will Fail
- Rahul Tewari Joins QuiKr As CFO