February 15, 2012 / 10:43 AM / 8 years ago

India to allow telecom M&A in simple process-minister

NEW DELHI, Feb 15 (Reuters) - India will allow mergers and acquisitions in the telecoms sector that create combined market share of up to 35 percent, under a quick and simple process, Telecoms Minister Kapil Sibal said.

A new telecoms policy will be announced in April, he added.

The sector regulator has proposed a relaxation of rules for M&A in the telecoms sector in a move to facilitate a long-awaited consolidation in the 15-player market.

India is overhauling its decade-old telecoms rules after the once-booming sector was hit by a massive scandal over alleged below-price sale of lucrative telecoms licences and radio spectrum.

The country’s Supreme Court earlier this month ordered all 122 zonal telecoms licences given to companies in a scandal-tainted 2008 sale be revoked in four months and asked the regulator to propose rules for grant of radio airwaves through an auction. (Reporting by Devidutta Tripathy; Editing by Aradhana Aravindan)

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