04:53 am - Thursday 27 April 2017

2G auction : Foreign telcos will get 3 months to form Indian venture

By Parvina Purkayastha - Tue Sep 18, 5:00 pm

A report says, that the foreign companies who win a licence to offer telecom services in the upcoming spectrum auction scheduled to begin in November will get three months time to form their new venture.

Telecom Secretary R Chandrashekhar said, ”At the stage of participation, they would not need to be, but as happened in 3G and BWA (auction), a completely foreign-owned entity can participate and if it wins it will have to nominate a company with not more than 74 per cent foreign equity within three months.”

As per the present norms, a foreign entity is required to set up a joint venture with an Indian company before participation in the auction process.

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