BPL Cellular gets ADR approval

BPL Cellular has received government approval to increase the level of foreign investment in the company.

BPL Cellular, the mobile phone division of India's BPL Group, has received government approval for an Rs8.8 billion $196 million ADR issue. The approval was announced by Commerce and Industry Minister Murasoli Maran as part of a general approval of 34 foreign direct investment proposals.

The BPL Cellular ADR issue will be the first privately owned Indian telecom company to raise money in the United States. The company owns and operates cellular and mobile phone services in Mumbai, Kerala,...

To continue reading, please login or register for free

Click for more on: bpl | cellular | gets | adr | approval

Print Edition

FinanceAsia Print Edition

CONFERENCES