FIPB meet to discuss Jet-Etihad deal, Telenor FDI plan postponed

New Delhi: The crucial meeting of FIPB to discuss the Jet-Etihad deal as well as the FDI proposal of Norway's telecom firm Telenor has been postponed to Friday.

The Foreign Investment Promotion Board was scheduled to meet tomorrow.

"Meeting of the FIPB scheduled to be held on Tuesday has been postponed and will now be held on Friday... The Agenda already circulated will remain," the Finance Ministry said in a note.

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No reason was cited for rescheduling of the meeting.

FIPB, headed by Economic Affairs Secretary Arvind Mayaram, will also take up 28 other FDI proposals including that of Multi Commodity Exchange (MCX).

While Jet Airways plans to sell 24 per cent stake to Abu Dhabi-based Etihad for about Rs 2,058 crore, Telenor is seeking government approval to hike stake by 25 per cent in its Indian subsidiary Telewings to 74 per cent.

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Jet-Etihad deal assumes significance against the backdrop of government efforts to attract more foreign investments into the country. Also, the proposal comes after foreign carriers were allowed to pick up stakes in domestic airlines.

In March, the FIPB had cleared the Rs 81 crore investment proposal of AirAsia to set up a JV airline company with Tata Sons and another partner.

MCX (Multi Commodity Exchange of India) is seeking post facto approval for FDI received before issuance of Press Note 2 of 2008. The Press Note detailed guidelines of foreign investment in commodity exchanges.

Other proposals on the FIPB agenda include that of Alliance Insurance Brokers, Muthoot Finance Ltd and ICICI Venture Funds Management Company.

PTI