The Foreign Investment Promotion Board (FIPB) has cleared Boston based American Tower Corporation’s proposal to acquire 100 per cent stake in its existing Indian venture, ATC Tower Corporation of India.

The Foreign Investment Promotion Board (FIPB) has cleared Boston-based American Tower Corporation’s proposal to acquire 100 per cent stake in its existing Indian venture, ATC Tower Corporation of India. It has, however, issued a rider that the firm will have to dilute 26 per cent stake in the same to the Indian public within the next five years.