Foreign telcos getting license for telecom services will have to form the Indian venture in 3 months

The Indian government has said the foreign companies getting licenses in the upcoming spectrum auctions will get three months for the formation of their Indian venture. Since they cannot invest in more than 74 per cent equity, formation of the Indian venture will be necessary. 

"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," Telecom Secretary R Chandrashekhar told PTI. 

Currently, the foreign companies are required to form a joint venture before the auction process even starts. The spectrum auction will begin from November 12.

Source: http://cablequest.org/news/telecom-news/item/962-foreign-telcos-getting-license-for-telecom-services-will-have-to-form-the-indian-venture-in-3-months.htmlSource: http://cablequest.org/news/telecom-news/item/962-foreign-telcos-getting-license-for-telecom-services-will-have-to-form-the-indian-venture-in-3-months.html