Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Tata Tele to sell up to 49% stake in tower company
BackBack

Tata Tele to sell up to 49% stake in tower company

Tata Tele to sell up to 49% stake in tower company

Premium

New Delhi: CDMA player Tata Teleservices will divest up to 49% stake in its tower subsidiary Wireless Tata Telecom Infrastructure Limited in the next two months.

“We will sell 26-49% stake in our tower company to a strategic investor. We have already started negotiations regarding this and the deal is likely to be completed by the end of May," Tata Teleservices (TTSL) managing director Anil Sardana told reporters.

He said the company has shortlisted 15 strategic investors for selling the stake. The players include Quippo, GTL and others.

Asked about the valuation of the tower arm, he did not give any figure, but said if not better, the valuation would be similar to their competitors because of the quality of the towers.

TTSL has over 10,000 towers, while Tata Teleservices (Maharashtra) has 3,500 towers.

On the listing of TTSL’s tower subsidiary, Sardana said it would be decided after the strategic stake sale.

“We will also add 3,000 towers every year for the next five years," he added.

The company, which has recently got approval for offering GSM services, would continue to focus on CDMA segment for providing data services.

“CDMA is a very good technology for providing data services, we will continue to focus on it," Sardana said.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 07 Mar 2008, 06:04 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie