In a sign that foreign investment can still get tied up in inextricable regulatory knots in India, a potential $390 million investment in the country’s telecoms industry fell through after the regulatory authorities failed to approve the transaction after six months of deliberation. Singapore Technologies Telemedia and Telekom Media wanted to buy a 48% interest in Idea Cellular. But India’s regulators failed to give the green light. Behind the difficulties lay the fact that, according to Indian rules, the same investor is not permitted to hold more than 10% in competing telephone companies.
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