Sify gets FIPB okay to apply for licenses
IndiaTimes: Sify gets FIPB okay to apply for licenses
Sify Corp. (Nasdaq: SIFY) got the foreign investment promotion board’s clearance to apply for national and international long distance, internet service provider and internet telephony licenses. It had also added that Sify Communications, a subsidiary of Sify, had a pro rated foreign direct investment of 72.9% and wanted to diversify into the area of providing telecommunication services in addition to its current business of providing consultancy service.
This is certainly positive for Sify to get the regulatory approval; it’s already operating internet telephony service called Sify Talk where it has majority of the market share and its broadband business too is doing pretty good. However, with national and international long distance license and with addition of Sify Communications, Sify plans to go aggressively in the communication field and also to further strengthen its broadband customer base.