The FIPB has deferred the Essar Group’s proposal to transfer its 49 per cent holding in Essar Telecommunications Holding Private Limited (ETHPL) to Mauritius-based Essar Telecom India Limited (ETIL) on account of objections raised by the central reven

The FIPB has deferred the Essar Group’s proposal to transfer its 49 T per cent holding in Essar Telecommunications Holding Private Limited (ETHPL) to Mauritius-based Essar Telecom India Limited (ETIL) on account of objections raised by the central revenue department. ETHPL owns 10.97 per cent stake in Vodafone Essar.

The transaction, worth Rs 5.3 billion, has been structured by the Essar Group to transfer around 2.63 per cent stake in Vodafone Essar to ETIL. The FIPB has asked the Essar Group to submit all the details pertaining to the sourcing of funds.