Viom Networks’ Rs 5,900-cr plea, 12 more proposals receive FIPB nod

Telecom tower firm Viom Networks’ Rs 5,900 crore FDI proposal was among 13 projects, totalling Rs 6,500 crore, that the foreign investment promotion board (FIPB) cleared on Friday. The FIPB cleared the ATC Asia Pacific Pte’s plea to acquire majority stake in Viom Networks involving Rs 5,900 crore. Alstom Manufacturing India’s Rs 400-crore plea and pharma firm Cipla’s Rs 150-crore plea were cleared by the FIPB too. It had 26 FDI proposals on its agendaon  on Friday. The inter-ministerial panel FIPB, chaired by Economic Affairs Secretary Shaktikanta Das, can vet foreign direct investment proposals up to Rs 5,000 crore. In October last year, American Tower Corporation (ATC) has signed pact to acquire 51 per cent in Viom Networks at total enterprise value of around Rs 21,000 crore, including debt of about Rs 5,800 crore of Viom, the largest foreign direct investment in telecom sector in the current fiscal.