The government on Thursday said that it has approved foreign direct investment (FDI) proposals worth Rs 24.56 crore, including one from Sterling Commerce Solutions India.
“During the month of October, the Department of Economic Affairs (DEA), Ministry of Finance has disposed off three FDI proposals aggregating to foreign investment of Rs 24.56 crore,” an official statement said.
The proposal of Sterling Commerce Solutions India, worth Rs 24.56 crore of FDI, has been approved that seeks to issue shares to the shareholders of three wholly owned subsidiaries of IBM India upon their merger with the company.
Another proposal from Arval India, which does not require any additional FDI, has been approved to undertake the activity of financial lease in addition to the current activity of operating lease, the statement said.
The ministry said that a proposal from Ivanhoe India Equities Inc to provide investment advisory services to overseas entities by a yet to be incorporated Indian investee company has been returned as it was premature.(IANS)
The government is making all efforts to make state-run BSNL robust and financially viable again and has prepared a comprehensive plan for its revival, an official said on Sunday, on the eve of a nationwide strike called by the employees unions over their demands.
BSNL employees and officers have given a three-day country-wide strike call from February 18 to highlight their long-pending issues, including allotment of 4G spectrum to the telecom major and wage revision for the workforce.
“All efforts are being made, and will continue to be made, to make BSNL robust and financially viable,” a Communications Ministry statement said.
“The main demands of the All India Unions and Associations of Bharat Sanchar Nigam (AUAB) include benefits to executives under the 3rd Pay Revision Committee (PRC) with 15 per cent fitment and to non-executives as per the 8th wage negotiations w.e.f. 1.1.2017, allotment of 4G spectrum to BSNL, revision of pension for BSNL retirees w.e.f. 1.1.2017 and delinking of same with pay revision for PRC implementation, and deduction of payment of pension contribution by BSNL on actual basic pay instead of on the highest level of the pay scale.
“Government wishes to re-emphasize that it will continue to engage with the BSNL management and representatives of the unions and associations, to support their reasonable demands, and to guide the organization towards a revival,” it said.
Noting that the Department of Telecommunications (DOT) is taking “positive steps” regarding each of these demands, the ministry said the issue of alloting 4G spectrum to BSNL is being referred to telecom regulator TRAI “to recommend on the issue of administrative allocation, quantum, price and appropriate frequency band”.
“Further action will be taken on receipt of the said recommendation. In parallel, a comprehensive proposal for revival of BSNL has been prepared, which will be taken up for consideration by competent authorities very soon.”
It also noted that a Coordination Committee comprising senior officers of the DoT, BSNL management, and representatives of AUAB is already working in this regard.
“Representatives of AUAB have also held meetings with the DOT Additional Secretary in which they have been duly apprised of the progress being made in relation to their demands,” the statement said.
It pointed out that the BSNL management has appealed to its employees not to resort to any agitation at this critical juncture when the organization is engaged in “sincere and serious efforts” to protect and enhance the company’s market share, “and when any disruption in services can only adversely impact the interests of BSNL and its customers, employees and other stakeholders.” (IANS)