Dual listing as a way out for the Bharti-MTN deal will have to pass the hurdle of capital account convertibility, noted Union finance minister Pranab Mukherjee here today.
Full convertibility is presently not allowed under Indian law and the government is in no hurry on that path.
However,said Mukherjee, “We are in favour of the deal. It has to be in the context of the laws of the land. We are looking into it.” He repeated the comment when asked about convertibility.