The Foreign Investment Promotion Board has cleared ByCell Communications’ proposal to bring in foreign investment to the extent of $500 million for launching cellular services across the country.

The Foreign Investment Promotion Board has cleared ByCell Communications’ proposal to bring in foreign investment to the extent of $500 million for launching cellular services across the country. ByCell had earlier obtained permission for bringing in foreign direct investment (FDI) worth $100 million for launching mobile phone services in Assam, Bihar, Jharkhand, the Northeast, Orissa and West Bengal. Subsequently, the company upgraded its FDI component to $500 million as it modified its business plan to launch countrywide cellphone services.