GTL in unit hive-off talks with global firms

GTL in unit hive-off talks with global firms
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First Published: Thu, May 24 2007. 10 32 AM IST
Updated: Thu, May 24 2007. 10 32 AM IST
By Reuters
Mumbai: BT Group Plc, US-based EMW and a number of system integrators are in advanced stages of negotiation with GTL Ltd to acquire its IT services business, a newspaper report said on 24 May.
The acquisition price is “believed to be” in the range of $60-70 million, the newspaper reported.Company officials were not immediately available for comment.
The management of network services provider GTL has been talking about hiving off its IT services business since last year.
“We are in advanced stages of negotiations with several players, both national and international, and should be able to close a deal in the next 30-45 days,” the paper quoted an unnamed GTL official as saying.
Shares in GTL shares closed at Rs185.95 on 23 May, largely unchanged from its previous close. The stock has appreciated about 29% over the last three months.
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First Published: Thu, May 24 2007. 10 32 AM IST
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