The Ministry of Home Affairs has rejected the revised Rs 25 billion proposal of Swiss telecom firm ByCell to start telecom services in India, citing lack of clarity regarding its sources of funding.
Reportedly, the revised ByCell proposal contained assurances of changes in the company’s structure and promotion of a new arm with transparent funding for Indian operations, thus taking care of the security agencies’ reservations regarding its funding sources. However, the security clearance was rejected as the ministry felt it could not go by assurances alone.
