In Boon to Company, Sify Gains FIPB Approval for Telecom, ISP Licenses (SIFY)

Sify Corp. (SIFY) received 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 (source: India Times).

This is certainly positive news for Sify to get the regulatory approval; the company is already operating an internet telephony service called ‘Sify Talk’ where it has a majority of the market share. Its broadband business too is doing fairly well. With national and international long distance licensing and with the addition of Sify Communications, Sify plans to aggressively enter into the communication field while further strengthening its broadband customer base.

SIFY 1-yr chart: