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IST
Essar may not have to sell BPL Communication, after all. CNBC-TV18 finds that the deal has been so structured that Essar can keep running it at least for a while without flouting any rules.
Essar may not have to sell BPL Communication, after all. CNBC-TV18 finds that the deal has been so structured that Essar can keep running it at least for a while without flouting any rules.
Essar is in no hurry to sell BPL mobile. And it is under no regulatory obligation to do so anyway. It has worked its way around the regulations.
Essar's telecom arm Essar Teleholdings holds only 9.9% in BPL directly.
Out of the rest, an investment company, Capital Global, holds 16.1% and BPL Communications holds 74%. Essar refused to divulge details about the shareholders of these companies.
So Essar, which already has 33% in the Hutchison Essar joint venture, can hold 9.9% in BPL Communication.
Cont'd on page 2...
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The telecom policy states that a company cannot have stake in two competing ventures. But it can hold upto 9.9% in a second company that will be treated as a financial investment.
