Reliance Telecom and Telekom Malaysia receive FIPB approval

The Foreign Investment Promotion Board (FIPB) has cleared Reliance Telecom’s application to divest up to 74 per cent equity to foreign investors. The government has also allowed up to 74 per cent FDI in Reliable Internet Services, which offers internet services in Kolkata. The FIPB has also cleared Telekom Malaysia’s 49 per cent stake in Spice Telecom. The approval sets the stage for Spice Telecom’s $300 million IPO by January 15, 2007.