October 6, 2012
Finance Minister P. Chidambaram has approved 100 percent participation of foreign Telecom firms in the 2G spectrum auction scheduled for November. The ones who win in this auction will be allocated license and spectrum only after they divest 26 percent stake to an Indian partner.
October 6, 2012
Finance Minister P. Chidambaram has approved 100 percent participation of foreign Telecom firms in the 2G spectrum auction scheduled for November. The ones who win in this auction will be allocated license and spectrum only after they divest 26 percent stake to an Indian partner.
Rules say that telecom companies can only have 74 percent foreign direct investment. This rule helps companies like Telenor, which has severed its ties with Unitech in their joint venture Uninor. Uninor's license was cancelled by the Supreme Court. The Government is also now free to take a decision in this regard.
DoT has proposed the one-time auction determined price to create a level-playing field between new entrants and existing players. According to Sources, the EGoM has also been given the task of considering matters relating to e-auction of FM Radio broadcasting services.
Courtesy: ET
