Financial Daily from THE HINDU group of publications
Sunday, Apr 04, 2004
Financial Daily from THE HINDU group of publications Sunday, Apr 04, 2004 |
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Mergers & Acquisitions Info-Tech - Telecommunications Tatas to sell 25 pc stake in telecom venture to Avaya Our Bureau
New Delhi , April 3 AS part of its strategy to focus on the telecom services business, the Tata Group has decided to sell 25.1 per cent of equity in Tata Telecom Ltd to the US-based Avaya Inc, a global leader in Internet protocol services. An open offer has been made by Avaya through a subsidiary for a minimum of 20 per cent of Tata Telecom Ltd's paid-up equity capital at the rate of Rs 220 per share. This price is the same as the acquisition price being paid to the Tatas and is in line with the Securities and Exchange Board of India guidelines. The Tata Group's decision is in line with its overall strategy to focus on the telecom services business, while Tata Telecom would build on the business of providing converged communications solutions to enterprises. In a statement, Mr K.A. Chaukar, Managing Director, Tata Industries Ltd, said, "We have had an excellent and fruitful seven-year long relationship with Avaya. I would like to add that the Tata Group's business relationship with Avaya would continue as hitherto." Mr Niru Mehta, Vice-Chairman, Tata Telecom, and Managing Director and Vice-President, Avaya India, said, "Over the last seven years we have brought telecom communications solutions to India through Tata Telecom and together with the Tatas, we have successfully grown the business and enabled our customers in India to become globally competitive."
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