SingTel Group has filed an application with the Foreign Investment Promotion Board to acquire 100 per cent stake in SingTel Global (India) Private Ltd. It provides international long distance.

In SingTel Global (India) Pvt Ltd, Bharti Enterprises has a 9.9 per cent stake and Leela Lace Software Solutions Pvt Ltd holds 16.01 per cent. SingTel currently owns 74 per cent stake in the company.

The venture came into existence  in 2007 following the Department of Telecom’ decision making  it mandatory for companies to take a separate licence for offering services such as Virtual Private Network and leased line.

In a significant move the government in July gave its nod to 100 per cent foreign direct investment (FDI) in the telecom sector.

Recently Vodafone sought the permission of Foreign Investment Permission Board (FIPB) to raise its stake in Vodafone India from 74 per cent to 100 per cent, according to PTI.

According to the proposal submitted with the FIPB, SingTel will acquire 18,37,948 shares of Rs 10 each from Leela and 11,46,852 shares of the same value from Bharti.