The Union Cabinet on Thursday approved the extension by four months, the deadline for telecom companies to comply with guidelines on Foreign Direct Investment.
The Cabinet gave its ex-post-facto approval to the July 2-deadline given to telecom companies for complying with different conditions in respect to enhancement of FDI ceiling from 49 per cent to 74 per cent in the sector, Information and Broadcasting Minister Priyaranjan Dasmunsi told reporters.
The approval would give more time for implementation of the conditions, he said.
Telecom companies had time till March 3 to comply with FDI norms, but the government issued a notification that day extending the time by four months.
In another decision, the Cabinet approved a proposal for sale of entire equity holding of ITI Ltd in its joint venture FIBCOM
The Cabinet cleared a proposal to introduce the National Institutes of Technology Bill, 2006 in Parliament and bring all the 19 NITs within the ambit of the Act.
This would enable NITs to become centres of excellence like IITs and help fulfil the need of the country for quality manpower in the field of engineering, science and technology.
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