Government approves Tikona and SingTel FDI proposal

The government of India has approved proposals of Foreign Direct Investment (FDI) from Tikona Digital Networks and SingTel worth Rs 251 crore.

Based on the recommendations of Foreign Investment Promotion Board (FIPB) made in its meeting held on December 30, the government of India has approved Foreign Direct Investment (FDI) of Tikona Digital Networks and SingTel.

SingTel Global (India) plans to increase the foreign equity participation of the existing foreign investor from 74 to 100 percent.

Tikona Digital Networks plans to increase foreign equity participation upto 72.58 percent by issuing compulsorily convertible debentures (CCDs) and equity shares to the existing non-resident investors on a rights basis.

The company is engaged in the business of Provision of ISP services, including developing, establishing and operating infrastructure as a Category A Internet Service Provider.

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