Taking benefit of new FDI norms, SingTel will become the first foreign company to entirely own an Indian telecom services firm, with FIPB giving the nod to buy out its local partners in SingTel India - which provides Internet bandwidth services.
SingTel Global (India) Pvt Ltd's proposal has been cleared, said Department of Economic Affairs secretary Arvind Mayaram, who heads the FIPB.
As per the proposal, the Singapore-based company is now entitled to buy stakes from its Indian partners including Bharti Enterprises which holds about 9.9% stake in SingTel's Global (India) Pvt Ltd.
SingTel has applied to invest Rs 2.98 crore under the proposal.
No comments have been received from SingTel and Bharti Enterprises on the development.