The Foreign Investment Promotion Board (FIPB) has cleared Aditya Birla Telecom Limited’s (ABTL) proposal to infuse foreign equity amounting to $640 million by issue of compulsorily convert ible preference shares.

The Foreign Investment Promotion Board (FIPB) has cleared Aditya Birla Telecom Limited’s (ABTL) proposal to infuse foreign equity amounting to $640 million by issue of compulsorily convertible preference shares. FIPB had earlier deferred the decision in view of concerns over indirect foreign equity in ABTL, in which Idea Cellular holds a 44.76 per cent stake. The equity proposal is planned to be routed through Mauritius-based P5 Asia Holding Investments.