E-Paper
SingTel to be first to own 100% stake in Indian telecom firm
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.
Updated on: Oct 24, 2013, 16:19:32 IST
Share via
Copy link
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.
Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.
