Vodafone hopeful of FIPB nod for its FDI proposal

Last week Foreign Investment Promotion Board deferred a decision on Vodafone's proposal to buy out minority shareholders in its Indian arm . But speaking exclusively to CNBC-TV18 at the sidelines of the ISB Capital Markets Conclave, Analjit Singh, chairman, Vodafone India said that he has been assured by government officials that the FIPB nod for Vodafone plc's proposal will come in soon.

According to him, the application was made just 18 days ago and the first FIPB meeting after the application was made came up barely in six-seven working days. So, it is not like FIPB has not given the clearance; there hasn't come the natural time.

The case is being processed and is compliant with all the guidelines of the finance ministry, Reserve Bank of India (RBI), so in due course it will be approved, he added

With regards to the Vodafone tax issue, Singh said the government has been very cooperative. The current finance minister has totally and practically ceased off various issues. It is a complex matter. There are policy, there are legal, there are procedural constraints. It is not such a simple matter to resolve but best efforts are afoot by both Vodafone and the government to find a solution if we can, he added.

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