The Swiss company is increasing its stake by taking over three Mauritius-based entities, which together hold about 16.50 per cent stake in Sterling Cellular.

CCII (Mauritius) Inc, which holds an 8.66 per cent stake in Sterling Cellular, will become wholly-owned subsidiaries of Swiss Telecom PTT. Similarly, Prime Metals and Euro Pacific Securities, which together hold a 7.80 per cent stake -- under the category of non-resident Indians and overseas corporate bodies (OCBs) -- will also become wholly-owned subsidiaries of Swiss Telecom.

The paid-up equity capital of Sterling Cellular is concurrently being reduced marginally to Rs 173.19 crore since Mobilvest (Mauritius) -- through which Swiss Telecom PTT controls a 32.56 per cent stake -- has brought in slightly less equity into SterlingCellular than what was originally proposed.

Mobilvest's equity will fall marginally to 32.51 per cent from 32.56 per cent. CCII (Mauritius) Inc, Prime Metals and Euro Pacific are not bringing in any fresh equity, but their stakes will still rise marginally owing to the slight fall in Mobilvest investment.

The FIPB has also approved a proposal of Bharti Cellular to change a minority foreign equity partner. The change in the foreign partner has been allowed as the new partner, too, belongs to the same group. The company had informed the government that the change in foreign partner was being done purely on account of inter-group restructuring.