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India Clears 100 Percent Foreign Direct Investment, or FDI, In Telecom Services; Relaxes FDI Rules Across Several Other Sectors By Amrutha Gayathri
on July 17 2013 3:27 AM
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A man speaks on a mobile phone in front of a billboard of Uninor at a market in the western Indian city of Ahmedabad February 6, 2012. REUTERS/Amit Dave India’s Prime Minister Manmohan Singh, on Tuesday, said the government would allow foreign companies to hold a 100 percent stake in companies in the telecom services sector, in a marked shift from the previous policy stance, as Singh's government works hard to restore India's standing as a strong emerging economy and his party's pro-reform image, less than a year ahead of general elections in the country. Recommendations

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The opening of the telecom sector to foreign players is expected to attract massive investment from abroad as the UK-based Vodafone Group Plc (NASDAQ:VOD) and Russian firm JSFC Sistema (OTCMKTS:JSFCF), among others, are expected to grab the opportunity, according to Mint, a local business daily. “The much-needed policy decision is a very positive development for the entire industry. With fresh foreign direct investments coming in, this would further catalyze growth and also the process of proliferation of telecom services across the country,” a spokesperson for JSFC Sistema’s Indian subsidiary, Sistema Shyam TeleServices Ltd, which provides telecom services under the MTS brand, was quoted as saying by Mint. The ruling...