Cabinet approves Rs 2480 cr FDI in ATC Telecom Infrastructure
Published: Nov 26, 2020
By TIOLCORPLAWS News Service
With the approval of the CCEA, the cumulative foreign direct investment (FDI) of ATC Singapore into ATC India will be Rs. 5,417.2 crores which is about 98.6%.
The deal was the result of exercise of put option by Tata Tele Services Ltd (TTSL) and Tata Sons Private Limited (TSPL) and was finalised at Rs. 216 per share.
ATC Telecom Infrastructure provides telecom infrastructure services to operators, as well as maintenance and operations services.
"The inflow of foreign investment to India will spur economic growth as well as foster innovation," the CCEA said in a press release.
The Cabinet also approved the proposal for equity infusion of Rs. 6,000 crores by the government in the NIIF Debt Platform, sponsored by the National Investment and Infrastructure Fund (NIIF), over the next two years depending on the financial situation and demand for debt raising.