FireFly Networks gets FIPB nod for foreign investment

FireFly Networks on Tuesday got approval from the Foreign Investment Promotion Board (FIPB) for 50 per cent indirect foreign investment and commencement of activities as a Telecom Infrastructure Provider Category-I (IP1).

The company, a joint venture between telecom operators Airtel and Vodafone to provide public WiFi services, had previously sought permission for the same from the FIPB, however the proposal was deferred in November.

“Based on the recommendations of FIPB, the government has approved the proposal of Firefly Networks for approval of the existing foreign investment (50% indirect) and to permit commencement of activities as a Telecom Infrastructure Provider Category-I (IP1),” the ministry of finance said in a statement.