BPL Cellular, the mobile phone division of India's BPL Group, has received government approval for an Rs8.8 billion $196 million ADR issue. The approval was announced by Commerce and Industry Minister Murasoli Maran as part of a general approval of 34 foreign direct investment proposals.
The BPL Cellular ADR issue will be the first privately owned Indian telecom company to raise money in the United States. The company owns and operates cellular and mobile phone services in Mumbai, Kerala, Tamil Nadu and Maharashtra, which are all in the south and west of the country.
It is unclear who will be buying the ADR issue, but previous investors in the BPL group include France Telecom...
