UK-based broadband services company, Augere has sought the Foreign Investment Promotion Board?s approval to increase the stake in its Indian venture, Augere Wireless Broadband from 74 per cent to 100 per cent. This follows the government?s decision to remove the cap on foreign direct investment (FDI) in the telecom sector. The company will acquire the remaining 26 per cent stake from its joint venture partner the deal is estimated to be valued at $1.5 million.
Augere had won spectrum in the 2300 MHz spectrum band in the auctions held in 2010, at an estimated amount of Rs 1.25 billion. The company had been reportedly considering selling its spectrum, but could not garner interest from other companies.
