TRAI WANTS FDI CAP ON TOWER COMPANIES CUT TO 74%

The Telecom Regulatory Authority of India (TRAI) has recommended lowering the foreign direct investment (FDI) cap on telecom tower companies to 74%, a move that will adversely impact the Indian operations of Nasdaq-listed American Towers (ATC) as well as stake sale plans of other tower units. At present, 100% foreign direct investment is allowed in tower companies but TRAI wants to lower this limit and bring it on a par with other telecom services, which are subject to a 74% cap.