Technoglitch
Core Member
Vodafone India’s proposed acquisition of Mumbai-based internet service provider You Broadband is awaiting approval of the Foreign Investment Promotion Board (FIPB).
The telecom company, a subsidiary of UK-based Vodafone Plc, is also preparing for an Initial Public Offering (IPO), even though there is no timeline in sight.
“It’s in the process of an FIPB approval,” Sunil Sood, Managing Director and Chief Executive Officer at Vodafone India, told BusinessLine, replying to a question on the You Broadband deal. He, however, declined to divulge the specifics of the deal.
In April, Vodafone India had acquired You Broadband for ₹350-400 crore, a move that will strengthen presence in the home broadband segment. Rothschild India and ICICI Securities were the advisors for the deal.
You Broadband has more than 3,000 km of optical fibre cable and 6,000 km of last-mile co-axial cable network and employs 1,400 people.
You Broadband, an internet service provider with presence across 12 cities — including Hyderabad, Bengaluru, Chennai, Pune and Surat – had 5 lakh subscribers as on January 2016.
Vodafone India awaits FIPB approval for its deal with You Broadband | Business Line
The telecom company, a subsidiary of UK-based Vodafone Plc, is also preparing for an Initial Public Offering (IPO), even though there is no timeline in sight.
“It’s in the process of an FIPB approval,” Sunil Sood, Managing Director and Chief Executive Officer at Vodafone India, told BusinessLine, replying to a question on the You Broadband deal. He, however, declined to divulge the specifics of the deal.
In April, Vodafone India had acquired You Broadband for ₹350-400 crore, a move that will strengthen presence in the home broadband segment. Rothschild India and ICICI Securities were the advisors for the deal.
You Broadband has more than 3,000 km of optical fibre cable and 6,000 km of last-mile co-axial cable network and employs 1,400 people.
You Broadband, an internet service provider with presence across 12 cities — including Hyderabad, Bengaluru, Chennai, Pune and Surat – had 5 lakh subscribers as on January 2016.
Vodafone India awaits FIPB approval for its deal with You Broadband | Business Line
