wordpress blog stats
Connect with us

Hi, what are you looking for?

Singtel Looks To Complete Buyout In Indian JV: Report

200px-singtelsvg

(By Nikhil Pahwa & Vikas SN)

Singtel is looking to buy out its minority shareholders in Singtel Global (India) Pvt Ltd, and has filed for an approval with the Foreign Investment Promotion Board (FIPB), the Economic Times reports.

The proposed buyout is on the agenda for the meeting being held on October 18th by India’s Foreign Investment Promotion Board, but the details of Singtel’s proposal are not available yet. ET however reports that Singtel’s proposal relates to its India unit, Singtel Global (India) Pvt Ltd, in which Bharti Enterprises, the holding company of Bharti Airtel, owns 9.9% stake and Leela India owns 16.01% stake. Singtel owns the remaining 74% stake through SingTel Australia Holding Pte Ltd and INS Holdings.

If the deal is approved, Singtel will probably be the first foreign telco to buy out its Indian shareholders, after the government permitted 100% Foreign Direct Investment (FDI) in telecom in July 2013. Vodafone is also apparently in talks to buy out minority shareholders in Vodafone India for $2 billion.

Setup in 2007, Singtel Global India secured permits to provide national and international long distance telephony in 2009 and offers International network connectivity solutions to MNCs and Indian enterprises. This includes International calling and toll-free services, video conferencing solutions and virtual private network (VPN) based services.

Advertisement. Scroll to continue reading.

It also provides managed connectivity solutions like IP PBX, application accelerator, managed hosting & security solutions and remote local area network (LAN) solutions. As of May 2012, Singtel India had seven access points – Pune, Mumbai, Bangalore, Hyderabad, Kolkata, Delhi, and Chennai and was looking to open new access points in Jaipur, Ahmedabad and Chandigarh.

Earlier this year, Singtel had also increased its Airtel stake to 32.34%, by buying 3.62% stake in Bharti Telecom for Rs 1859.25 crore and a MoneyControl report suggests that it is looking at a further stake hike in the company, by partly sponsoring Airtel’s bid in the upcoming 2G spectrum auctions.

Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

You May Also Like

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ