Article: INDIAN GOVT CLEARS BPL CELLULAR ADR ISSUE.

NEW DELHI, July 26 Asia Pulse - Indian government today cleared the Rs 8.8 billion (US$196.34 million) American Depository Receipts (ADR) issue of BPL Cellular Holding and Rs 5 billion foreign direct investment by B4U Multimedia International.

BPL Cellular and B4U Multimedia were among 34 foreign direct investment proposals worth Rs 15.44 billion cleared by Commerce and Industry Minister Murasoli Maran on the recommendations of Foreign Investment Promotion Board, an official release said.

BPL Cellular, which operates cellular services in Mumbai, Kerala, Tamil Nadu (both are in south) and Maharashtra (west), would be first private telecom operator to ...

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