Expect announcement on Virgin's mobile business in 3 weeks: Branson

New Delhi, Jan 20 (UNI) Sir Richard Branson of diversified Virgin Group today said the company will foray into the Indian mobile telephony business along with a local partner and a announcement is likely in the next three weeks.

''I will be making the announcement after three weeks and it is true that we are entering the business segment'' he said.

Earlier, Mr Branson had said it has already short listed the local partners for its India venture.

In 2005, India had raised the ceiling for foreign ownership in telecommunications-services companies to 74 per cent from 49 per cent, paving the way for more investment in the world's fastest-growing cell phone market.

Speculations have it that the Virgin Group is in talks with Tata Teleservices to introduce Virgin Mobile brand in India.

Under the venture, Virgin is planning to become an exclusive franchisee of Tata Teleservices and form a new entity largely owned by Tata.

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