FIPB says the proposal of STT and TMI to acquire a 47.7 per cent stake in Idea will need a NOC from BTVL

The Foreign Investment Promotion Board (FIPB) has, for the first time, put in force provisions of Press Note 1 and has said that the proposal of Singapore Technologies Telemedia (STT) and Telekom Malaysia International (TMI) to acquire a 47.7 per cent stake in Idea Cellular will need a no-objection certificate (NOC) from Bharti Tele Ventures Limited (BTVL). The FIPB’s view is that since STT is wholly owned by the Singapore-based Temasek Holdings, which holds 63 per cent stake in Singapore Telecom (SingTel), which, in turn, has a 28.22 per cent stake in BTVL, an NOC from Bharti is required. Idea Cellular meanwhile has reportedly pointed out that it does not come under the purview of Press Note 1.