iWorld
Reliance Globalcom denied permission to acquire GCX India
NEW DELHI: The Government has denied permission to Reliance Globalcom Ltd to take over GCX India Ltd.
The Finance Ministry on the recommendations of the Foreign Investments Promotion Board (FIPB) rejected the proposal by Reliance for the India owned and controlled company.
GCX Ltd is involved in database activities and distribution of electronic content, which includes data base development, data storage and data base availability.
Meanwhile, the Government deferred a decision by FireFly Networks Limited for 50 per cent existing foreign investment (indirect) and to permit commencement of activities as a Telecom Infrastructure Provider Category-I (IP1).
