The Hindu Business Line : Temasek picks 9.9% stake in Tata Tele

Tata Teleservices Ltd today said Temasek Holdings Pte Ltd, through its wholly owned subsidiary Aranda Investments (Mauritius) Pte Ltd, has acquired a 9.9 per cent equity stake in the telecom company.

The transaction size was not officially disclosed. But it is believed that the deal was struck for around $300 million. Speculation had been rife over the past few days of imminent stake acquisition by Temasek. The name of Chennai-based Mr C. Sivasankaran, cash-rich after his recent exit from Aircel, had also done the rounds in connection with the upcoming Tata deal.

"This investment is a tremendous endorsement of our efforts to build a technologically driven and consumer-focused company. We hope to tap Temasek's network and experience to grow Tata Teleservices' share of the market and to fulfill our vision of becoming a market leader,'' Mr Darryl Green, CEO, Tata Teleservices, said in an official statement.

"This investment marks our second significant investment, after TCS, in the Tata Group. We look forward to leveraging Temasek's global network and experience across various industries to help expand Tata Teleservices' footprint,'' Mr Manish Kejriwal, Managing Director, Temasek Holdings Advisors India Pte Ltd, said.

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