FIPB will reconsider ByCell's mobile services proposal

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FIPB will reconsider ByCell's mobile services proposal
Bangalore: The Foreign Investment Promotion Board (FIPB) is reconsidering the proposal of Swiss telecom firm ByCell to start telecom services in India. The operator has approached the board and the matter will be taken up later this week. The government had earlier revoked all foreign collaboration approvals given to the firm for security reasons. The ministry of home affairs had raised objections over concerns regarding the original sources and channel of flow of funds. ByCell has approached the FIPB against revocation of all foreign collaboration approvals and the matter is listed in the agenda for the next meeting of the board slated for 24 July. The proposal involved an investment of over 2,500 crore in five circles across 13 states in the country. ByCell Holding AG, Switzerland, holds 64.66 percent in ByCell Telecommunications India, while its Indian partner Bitcorp holds 35.34 percent. Earlier this year, ByCell had dragged the FIPB and the department of telecom (DoT) to court over failure to grant the company a telecom license.

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