Finance ministry is understood to have reservations on the ownership of minority stakeholders in Hutchison-Essar and is likely to raise the issue at the FIPB meeting on British telecom firm Vodafone’s application for buying a controlling stake in the Indian mobile firm.
Foreign Investment Promotion Board will also look into ministry of law’s views on whether the 15 per cent indirect stake held by Analjit Singh, Asim Gosh and IDFC, be considered as foreign direct investment in light of the credit support for availing the term loan allegedly provided by HTIL or its affiliates.
