The Hindu Business Line : Sify gets nod for investing in telcos

The Chennai-based telecom networking company, Sify Ltd, has been given the nod to invest in other telecom companies. This will allow the Internet service provider to function as a holding company and even float new subsidiaries.

The Government approval was necessary since Sify has foreign direct investment of over 51 per cent which could result in an indirect foreign holding in case the company decides to either pick up stake in an Indian company or form a join venture.

The approval has been given by the Government subject to the condition that Sify remains within the stipulation of the press note notified on March 3, 2005. Sify was earlier given permission to set up a public data network for offering e-commerce and Internet service. The approval was subject to the condition that the company bring down the FDI limit to 74 per cent within a correction period.

The Department of Telecom has also given its approval to Sify, subject to the condition that even the subsidiaries, joint ventures and acquisitions by the company will have to adhere to the existing FDI norms.

More Stories on : Policy | ISPs | Foreign Direct Investment

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Intelenet gets aggressive on growth plans

Current account deficit narrows to $3.8 b in Q3; oil imports firm

Cheaper food items keep inflation on leash

HPL: Bengal to fix price above Rs 28.80 a share

Videocon-GAIL group bags Oman contract

STPI units eligible for IT sops

Norms eased for unlisted cos raising money from overseas markets

Sify gets nod for investing in telcos

Legalised music downloads made easy

Consolidation is strength, Chidambaram tells PSBs

A booming stock market beckons sunrise sectors