New Delhi: Taking benefit of new FDI norms, SingTel will become the first foreign company to entirely own an Indian telecom services firm with FIPB giving nod to buyout its local partners in SingTel India - which provides Internet bandwidth services.
The SingTel's 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 Enterprise which holds about 9.9 percent 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 Enterprise on the development.
First Published: Thursday, October 24, 2013, 16:55