India’s Foreign Investment Promotion Board (FIPB) has reportedly granted security clearance to an application by Verizon Communications India to transfer a number of shares between two overseas holding companies. According to India’s Business Standard website, the long-awaited decision overrules previous concerns raised by the Ministry of Home Affairs (MHA). The MHA had expressed reservations that the Indian unit, which originally secured ILD/DLD licences in November 2007, was sharing data with US intelligence agencies such as the National Security Agency (NSA) and the Federal Bureau of Investigation (FBI)
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OVETEL FIPB grants security clearance to Verizon India for stake transfer
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