Swiss telecom firm Bycell plans India operations

The government today approved 44 FDI proposals worth Rs 741 crore including those of Swiss telecom major Bycell, CDC, Citigroup and Standard Bhartered Bank.

Finance minister P Chidambaram has given the go-ahead to Swiss company Bycell Holding AG for setting up a wholly-owned subsidiary in India with an investment of Rs 457 crore for offering GSM-based cellular services.

The Foreign Investment Promotion Board (FIPB) has also approved
UK-based CDC Group Plc's plan to invest Rs 74 crore for picking up stake in an asset reconstruction company (ARC) to be floated by Corporation Bank and ING Vysya Bank.

Standard Chartered Bank has also obtained the green signal for floating an ARC.

Citigroup Venture Capital of Mauritius has got approval to invest Rs
11.49 crore for picking up stake in Spentex Industries.