Compliance with FDI cap in telecom sector till Apr 2

New Delhi, Jan 2: The Government today notified that it has extended the time period for telecom service providers to comply with the conditions regarding enhancement of foreign direct investment (FDI) ceiling from 49 per cent to 74 per cent in the telecom sector till April 2.

The extension in the time period was for the benefit of investors, a Department of Industrial Policy and Promotion statement said today.

It said the government, vide Press Note 5 (2005 Series) dated November 3, 2005, had notified the enhancement of FDI limits in the telecom sector subject to specified conditions.

In terms of para 4 of the Press Note, an initial correction time of four months from the date of issue of the Press Note was allowed to the existing licensee companies for adherence of the conditions.

The correction time has been extended from time to time, the last extension being till January 2.

UNI