The Foreign Investment Promotion Board (FIPB) has deferred a decision on Vodafone Essar’s proposal to hive off its tower businesses into a separate company, as the home ministry has reportedly sought more time to examine it.

The Foreign Investment Promotion Board (FIPB) has deferred a decision on Vodafone Essar’s proposal to hive off its tower businesses into a separate company, as the home ministry has reportedly sought more time to examine it. Ortus Infratel, a new company formed by Vodafone, had applied to the FIPB seeking approval to acquire 100 per cent share capital in Vodafone Essar Infrastructure by subscribing to fresh shares. It had also sought approval to hold Vodafone Essar’s 42 per cent stake in Indus Towers ?? an independent tower company formed by Vodafone Essar, Bharti Airtel and Idea Cellular to provide shared telecom infrastructure to operators.

The proposal envisages foreign investment of $100 million.