The Foreign Investment Promotion Board has cleared Reliance Communications’ proposal seeking approval to raise the permissible foreign institutional investor (FII) holding up to 74 per cent under the portfolio investment scheme. Reliance plans to increase the limit for purchase of shares and convertible debentures by FIIs to this ceiling, which is the maximum possible foreign investment that any telecom operator in the country can have.
Bharti Airtel had also made a similar request, but the outcome is not yet known.
