Financial Daily from THE HINDU group of publications
Tuesday, Jan 29, 2002
Financial Daily from THE HINDU group of publications Tuesday, Jan 29, 2002 |
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Info-Tech
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Telecommunications Corporate - Mergers & Acquisitions SingTel not to buy Sify stake Our Bureau
CHENNAI: Singapore Telecommunications Ltd (SingTel) on Monday denied that it is interested in acquiring stake in Satyam Infoway (Sify), one of the top Internet service providers (ISP) in the country. Speaking to Business Line at Bharti TeleVentures' press conference in connection with the latter's IPO, Ms Tina Uneken, senior director, strategic investment directorate, SingTel, said, "We are a strategic investor in and are totally aligned with the Bharti group. Bharti is already into the ISP space. It does not make sense for us to invest in another, competing ISP. We do not want to harm our interests in Bharti." Sections of the media, quoting un-named sources had recently reported that SingTel is interested in the Sify pie. Ms Uneken added that SingTel is a strategic investor and is not interested in gaining management control in companies it invests in. SingTel has made a $650 million investment into Bharti Televentures in the last two years.It may be recalled that, in October 2001, Satyam Computer Services had announced intentions to sell its 52.54 stake in Sify.
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