CCEA nod to Rs 2,480 crore FDI in ATC Telecom

CCEA approved FDI by ATC Asia Pacific Ltd of Rs 2,480 crore for purchasing 12 per cent stock of ATC Telecom, Union minister Prakash Javadekar said.

New Delhi: The government has approved a proposal involving foreign direct investment of Rs 2,480 crore by ATC Asia Pacific for purchasing about 12 per cent stock of ATC Telecom, Union minister Prakash Javadekar said on Wednesday.

The investment underlines the growing confidence of investors in India's telecom sector and its infrastructure, he said.

"Today, CCEA (Cabinet Committee on Economic Affairs) allowed FDI by ATC Asia Pacific Ltd to the tune of Rs 2,480 crore...for purchasing 12 per cent stock of ATC Telecom," Javadekar told reporters after the meeting of the Cabinet.

(PTI Report)