Foreign stake in Usha okayed

NEW DELHI, July 25: The Foreign Investment Promotion Board FIPB has permitted Asian Telecommunication Investments Mauritius, a subsidiary of AIF Telecommunication Fund, to pick up equity stakes in two telecom companies of the Usha Martin group, Usha Martin Telekom Ltd and UMTL Holding Company Ltd.

It has also cleared DSS Mobile8217;s proposal to change one of its four foreign joint venture partners.

Asian Telecommunication Investments is buying a substantial equity of 49 per cent in UMTL Holding Co. The company will make strategic investments in the telecom sector and software developments in the country. The foreign equity is around Rs 16 crore. The company had requested FIPB to allow it change the name of its foreign collaborator from AIF Telecom Fund, Cayman Islands, to Asian Telecommunication, its subsidiary.