India Sanctions Nokia, Siemens Network JV
December 15, 2006
India's FIPB (Foreign Investment Promotion Board) has approved the merger of Nokia and Siemens's telecommunication network businesses in the country. The new joint venture, known as Nokia Siemens Networks, will be equally shared by Nokia and Siemens, and will incorporate Siemens' telecom operation and Nokia's network business. The new entity is expected to make a joint bid for BSNL's US$5-billion tender for 45 million mobile phone lines, a bid Nokia and Siemens have entered separately.