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DoT has worked out a new merger and acquisition (M&A) framework that will prevent promoters of the new 2G companies that were granted telecom licences in 2008 from selling majority stake.

October 15, 2008
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DoT has worked out a new merger and acquisition (M&A) framework that will prevent promoters of the new 2G companies that were granted telecom licences in 2008 from selling majority stake.

According to the new norms, the owners of these companies will have to pay an acquisition fee equivalent to the market value of the entire company if they sell more than 50 per cent of their stake. The market value of the company will be determined by the government on the basis of the market price of the spectrum held by the operator. The move follows the purchase of a 45 per cent stake in Swan Telecom by UAE-based Etisalat in September 2008 for Rs 41 billion; Swan paid just Rs 16 billion for licences covering 13 telecom circles. Following the deal, the finance ministry asked DoT to study the deal and revise existing M&A norms.

 
 
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