Telecom doors to open wider for FDI

By SiliconIndia   |   Friday, 26 September 2003, 07:00 Hrs
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NEW DELHI: A government panel today, recommended increasing the foreign investment limit in the telecom sector to 74 percent from 49 percent, said the disinvestment minister.

"The total foreign investment limit including FII (foreign institutional investors) and FDI (foreign direct investment) has been recommended at 74 percent," Communications and Disinvestment Minister, Arun Shourie told reporters.

Shourie said the panel had recommended intra-circle mergers among phone firms be allowed, provided the number of operators was not below three.

The panel had also agreed in principle that there should be universal licensing in the sector, he said.

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