Yahoo India plans to acquire a company in the internet telephony and communication space. The company has received clearance from India’s Foriegn Investment Promotion Board (FIPB) and the Ministry of Finance for the acquisition, reports Exchange4media.com. George Zacharias, MD, Yahoo India, although confirmed the news, said that a formal announcement would be made by the year end. Usually there is a 74 per cent foreign investment limit in ISPs that provide internet telephony. A 100 per cent foreign equity is also allowed in internet telephony, in which case the internet service provider is not allowed to set up an international gateway.
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