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Bharti-MTN deal: Dual listing not possible at this stage: Sharma

ENS Economic Bureau

Posted: Sep 25, 2009 at 0310 hrs IST

New Delhi: The proposed $23-billion Bharti-MTN deal received another setback today as the government said dual listing, as sought by South Africa, may not be possible at this stage as it needs a policy change on rupee convertibility.

A policy change on full convertibility of the rupee on capital account is not possible at present, commerce and industry minister Anand Sharma said. At this stage nobody is in a position to talk about the policy change on convertibility. However, the government will always be supportive of the initiative by an Indian company for an overseas transaction and acquisition, Sharma said.

The two companies are locked in exclusive talks till September 30. On the issue of new FDI rules permitting companies to exceed the foreign investment limits in different segments, Sharma said that the sectoral caps cannot be breached. When the decision was taken was by the empowered group of ministers, we were very clear that the sectoral caps will not be breached in sensitive sectors.

The government is likely to keep a vigil to ensure that the FDI policy changes are not misused. For telecom, while the overall FDI cap is 74 per cent, up to 49 per cent is allowed through the automatic route. But between 49 per cent and 74 per cent the approval of the Foreign Investment Promotion Board is mandatory.

Sebi, RBI officials meet South African delegation on deal

Mumbai: A day after finance minister Pranab Mukherjee said that dual listing of a firm was not possible as per the existing laws, a South African delegation met senior officials of Sebi and RBI to discuss matters related to the proposed Bharti-MTN deal. The South African delegation comprised top officials from the National Treasury and the South African Reserve Bank. PTI

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Bharti-MTN deal: Dual listing not possible at this stage: Sharma

ENS Economic Bureau

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