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 Partners and computer equipment maker Cisco in 2010, and R80 crore from mutual fund manager Fidelity’s corporate venturing unit and venture capital firm Nexus Venture Partners in 2008.

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