Ruias rejig holding in Hutchison Essar.
Economic Times (New Delhi, India), March, 2006
Mar. 7--NEW DELHI -- Essar group has restructured its equity holding in Hutchison Essar by transferring a part of its investment held through foreign holding companies to an Indian arm.
The move which is understood to be in line with bringing down total foreign investment in the telecom venture, however, does not change the overall equity holding of the Ruias in the company.
As per the new FDI regulations the total foreign investment in an Indian telecom company, including both direct and indirect foreign investment, should not exceed 74 percent of the paid-up capital.
The calculation of the total FDI as per the new norms calls for inclusion of foreign investment of even Indian promoters if the investment is routed through foreign entities....
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