Cabinet approved ₹2,480 crore FDI in ATC Telecom

Union Cabinet has approved ₹2,480 crore foreign direct investment (FDI) in ATC Telecom Infra Pvt Ltd. ATC Asia Pacific Pte. Ltd is looking to acquire 12.32% stake in ATC Telecom Infra Pvt Ltd through the FDI route.

Daily Current Affairs Quiz 2020

Key-Points

ATC Telecom Infrastructure Private Limited is engaged in the business of providing telecom infrastructure services to telecom operators.

Founded in 2006, ATC Asia Pacific Pte Ltd’s business includes holding or owning securities of companies other than banks.

FDI up to 100% is allowed in Telecom Services Sector wherein 49% under automatic route and beyond 49% through government route subject to observance of licensing and security conditions by the licensee as well as investors as notified by the Department of Telecommunications (DoT) from time to time.