Maxis won't give Saudi Tele free ticket.
Economic Times (New Delhi, India), June, 2007
Jun. 27--NEW DELHI -- Saudi Telecom's purchase of 25 percent equity stake in Malaysian telecom company Maxis for $3 billion may not give it automatic access to India through Aircel Cellular, which is 74 percent owned by Maxis Communications. Saudi Telecom may need to obtain clearance from the Foreign Investment Promotion Board (FIPB) before it can get a corresponding stake in Aircel Cellular.
Under the revised provisions of the foreign direct investment (FDI) policy for critical infrastructure sectors, which include telecom, which is currently being finalised, if a global M&A results in a change of control, management or broad representation in an Indian telecom company, fresh clearance from the FIPB will be necessary.
Additionally, the new FDI policy...
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