The Economic Times, 2 Apr 2009, Joji Thomas Philip
NEW DELHI: Singapore Telecommunications (SingTel), which has a 31% stake in Bharti Airtel, has got the government approval to offer long-distance services in India, a communication ministry official and two industry executives said.
SingTel can carry STD and ISD traffic, offer communication and internet services to corporates and institutions. As per the existing policy, foreign direct holdings in telecom services has a cap of 74%. Industry sources said that SingTel has formed a JV with Bharti and Leela Lace Software Solutions of the Leela hospitality group to jointly hold 26% stake in the Indian JV. Bharti will hold 9.9%, stake while Leela Lace Software Solutions will hold the rest.
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