Branson says Virgin has telecom partner in India

Chairman of the Virgin Group Richard Branson bared he had found an Indian telecoms partner and also wanted to enter the country's domestic airlines market, a Reuters report said.

The Reuters report quoted Branson as saying that 'we have a (telecoms) partner now, and I will reveal all in two months' time.'

India, the world's fastest growing telecoms market, has received 575 applications from 46 domestic and foreign firms to launch mobile services in some or all of the 23 zones that make up the country's wireless map, the Reuters report said.

Rules restrict foreign holdings in telecoms service providers to 74%, which means foreign firms need a local partner to offer services, the report said.

Vodafone Group entered India by buying a controlling stake in mobile carrier Hutchison Essar.

Southeast Asia's top phone firm, SingTel, has a 30.8% stake in private market leader Bharti Airtel.