Japan-based phone operator NTT’s Communications division has acquired a 74% stake in corporate venturing-backed Netmagic Solutions, an Indian internet service provider.
India’ Foreign Investment Promotion Board has approved, Netmagic‘s proposal to increase its foreign equity from 49% to 74%.
The board said the foreign direct investment in the transaction was R182.80 crore ($33m).
The approval had been pending for more than one and a half years. NTT also has a stake in Indian telecom operator Tata Teleservices.
Netmagic had raised $16m from phone maker Nokia’s Growth…
