NEW DELHI: Singapore Telecommunications SingTel ) has sought the government’s approval for buying out the stake of its minority Indian partners — Bharti Enterprises and Leela India — in a telecom company which currently holds permits to provide national and international longdistance telephony.Through this proposal, Sing-Tel has become the first foreign investor to move the Foreign Investment Promotion Board after the government decided to allow 100 per cent FDI in the sector.SingTel currently holds 74 per cent stake in the joint venture company SingTel Global (India) Pvt Ltd through a wholly owned subsidiary SingTel Australia Holding Pte Ltd while Bharti Enterprises, the holding company of Bharti Airtel Ltd, holds 9.9 per cent and Leela India holds the balance 16.01 per cent.“The company was set up in 2007 with the objective to provide international connectivity services to Indian companies growing their presence globally and to foreign multinationals establishing their presence in India,” the application, seen by ET, explains.The application, however, doesn’t mention the valuation of the company or the amount which it will be paying to the two joint venture partners for their stake.Highlighting the government’s decision, the Singaporean telecom operator has said, “In view of the recent change in the FDI policy of the government, the Indian shareholders desire to exit the company by transferring their shareholding to SingTel Australia Holding Pte Ltd.”SingTel is also the largest foreign investor in Bharti Airtel with a 32.34 per cent stake.The Singaporean telecom operator is majority owned by Temasek, a Singapore government-owned investment company.