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FIPB defers Vodafone’s proposal to acquire YOU Broadband
MUMBAI: The Foreign Investment Promotion Board (FIPB) has deferred Vodafone India’s proposal to acquire cable broadband player YOU Broadband.
As reported earlier by TelevisionPost.com, Vodafone has agreed to acquire TRG Capital-owned YOU Broadband for Rs 400 crore (Rs 4 billion).
The deal will strengthen Vodafone’s presence in the home broadband segment. Coming in the backdrop of Reliance Jio’s upcoming commercial launch, the deal will give Vodafone access to YOU’s 3000 km of optic fibre cable and 6000 km of last mile coaxial cable network. YOU offers broadband services to residential, SME and corporate customers in 12 cities.
The network has been put together in partnership with companies likes Motorola, Avvaya, Commscope and Cisco.
YOU Broadband had 0.53 million subscribers at the end of 31 March 2016.
Based on the recommendations of the FIPB in its 235th meeting held on 20 May, the government has approved two proposals involving FDI of Rs 2.19 crore (Rs 21.9 million) and recommended one proposal for approval of the Cabinet Committee of Economic Affairs.
The FDI proposal of Aurobindo Pharma is worth Rs 2.19 crore. The proposal from Sterling Commerce Solutions India was to act as an investing company.