Russia’s ByCell gets FIPB clearance for wireless network

14 Feb 2008

India’s Foreign Investment Promotion Board (FIPB) has cleared the long-pending proposal from Russian-owned ByCell Communications to invest up to USD500 million to roll out a GSM network across the country. The proposal was held up because of security concerns. According to a statement by the finance ministry, ByCell’s investment plan was among 25 FDI proposals cleared by FIPB last week. Welcoming the board’s decision, ByCell India director Andrey Poluektov said his company would start work on the rollout immediately, having already been awarded spectrum from the Department of Telecoms (DoT).