RBI eases overseas investment norms for telecom firms
Friday, 02 April 2010, 17:04 IST
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New Delhi: The Reserve Bank of India (RBI) Thursday allowed telecom companies to build and maintain submarine cable systems with global players on a co-ownership basis. "As a measure of further liberalization, it has now been decided to allow Indian companies to participate in a consortium with other international operators to construct and maintain submarine cable systems on co-ownership basis under the automatic route," RBI said in a notification. Banks can allow remittances by Indian companies for overseas direct investment, after ensuring that the firm has obtained necessary licence from the Department of Telecommunications to establish, install, operate and maintain international long distance services, it added.
Source: IANS
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