Business Standard
12 Jul 2008
The ministry of home affairs has raised objections to extending Singtel Australia Holdings Pte's security clearance for a joint venture for national and international long-distance and internet services in India.
The ministry has refused clearance on grounds that Singapore government-owned Temasek Holdings, Singtel's 56 per cent shareholder, has been fined by the Indonesian business watchdog for breaching competition laws in that country, where it has significant stakes in two telecom companies.
As a result, Singtel's application, which came up in the last meeting of the Foreign Investment Promotion Board (FIPB) on 8 July, has been deferred. Singtel had submitted the application at the end of last year.
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