The Foreign Investment Promotion Board (FIPB) has deferred the Essar Group’s proposal to make its telecommunications and tower company a wholly owned subsidiary of Essar Communications Holding Limited (ECHL).

The Foreign Investment Promotion Board (FIPB) has deferred the Essar Group’s proposal to make its telecommunications and tower company a wholly owned subsidiary of Essar Communications Holding Limited (ECHL). Mauritius-based ECHL currently owns 48.98 per cent of the tower company. The remaining stake is held by Essar Steel (13.27 per cent), Essar Cisco Ship Management (13.27 per cent) and Kroner Investments (24.44 per cent). The Essar Group had sought FIPB’s approval to increase ECHL’s stake to 100 per cent. The Essar Group was also planning to invest Rs 5 billion in the tower company.