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NEW DELHI, Oct 20: India’s cabinet on Thursday gave formal approval to raise the limit on foreign company ownership of telecoms companies to 74 per cent from 49 per cent, a senior minister said.
“The cabinet has cleared the proposal to hike foreign direct investment (FDI) in the telecom sector to 74 per cent to meet the funding needs of the growing industry,” S. Jaipal Reddy, Minister for Information and Broadcasting, told reporters after a cabinet meeting.
India has emerged as the world’s second-fastest growing mobile phone market after China and it has an ambitious target of adding some 200-250 million users by 2007, compared with about 55 million now.—AFP
