India's Foreign Investment Promotion Board (FIPB) finally gave its blessing to Hutchison Telecommunications International Limited's (HTIL) $11.1 billion sale of its 52-percent controlling stake in Indian telco Hutchison Essar to Vodafone.
The group, Telecom Watchdog, charged that foreign ownership of Hutch-Essar actually is 89.03 percent, exceeding the 74-percent cap set by Indian law (TelecomWeb news break, March 9).
Still on the table, though, is a possible $1 million capital-gains tax the Indian government has been threatening to levy on HTIL.
Reports also indicate the drama surrounding the sale of control of HTIL may not be over, and that Vodafone has made another offer to buy Essar's 33-percent stake in the company on the same terms as it paid for the HTIL stake. Just how that would work, given India's foreign-ownership rules, remains to be seen.
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