Cabinet approves formation of 100% owned C Corporation of Telecommunications Consultants India Ltd. in USA
New Delhi, Mar 21 (IBNS): The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval for formation of 100% owned C Corporation of Telecommunications Consultants India Ltd.(TCIL) in USA.
Formation of C Corporation in USA shall help TCIL to expand its business/ turnover/profits and ultimately result in increased dividend to the Government being a State PSU.
Total investment of USD 5 Million will be made by TCIL in the form of Equity from its internal resources.
TCIL may also be required to provide Counter Guarantees of around USD 5 Million for getting finances in US for expansion of business and also Bid Bonds/ Advance Payment Guarantees/ Performance Bank Guarantees to Govt. authorities/ Final client on behalf of C Corporation.
As such there will be no financial implication on the part of the Government.
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