Tata Teleservices sells 7% stake
Wireless and fixed-line services provider Tata Teleservices Ltd has sold a 7 per cent stake to telecoms entrepreneur C Sivasankaran,india Updated: Mar 10, 2006 11:24 IST
Wireless and fixed-line services provider Tata Teleservices Ltd has sold a 7 per cent stake to telecoms entrepreneur C Sivasankaran, an industry source said on Friday.
Financial details were not immediately available.
Unlisted Tata Teleservices had sold a 9.9 per cent stake to Singapore state investor Temasek Holdings Ptv Ltd on Wednesday for $330 million, another source close to the deal had earlier said.
Sivasankaran had earlier sold his Aircel Ltd to a joint venture led by Malaysia's biggest cellphone firm Maxis Communications Bhd in a deal valued at $1.08 billion.
Tata Teleservices, ranked sixth in India in terms of mobile users, has a network that spans 2,200 towns. It has 4.37 million CDMA mobile users.
In comparison, New Delhi-based Bharti Televentures Ltd, in which Vodafone Group Plc paid $1.5 billion for a minor stake, has 18.5 million GSM users and its network spans 3,200 towns.
India added nearly 4.3 million mobile users in February, raising its mobile user base to 85.4 million -- more than the population of Germany.