Companies

‘Apollo group, Prathap C. Reddy have no investment in Aircel'

Our Bureau Chennai | Updated on July 14, 2011 Published on July 14, 2011




The Apollo Hospitals Group has clarified it does not have any investment in Aircel or any other telecom company. It says Sindya Securities and Investments Pvt Ltd, promoted by Ms Suneeta Reddy and Mr P. Dwarakanath Reddy, has investments in Aircel entity.

In an official statement, the company says: “We reiterate that Apollo Hospitals Group and its Chairman, Dr Prathap C. Reddy, do not have any investment in Aircel or any other telecom company. Sindya Securities and Investments Pvt Ltd promoted by Mr P. Dwarakanath Reddy and Ms Suneeta Reddy have investments in Aircel entity and this is a strategic investment in telecom sector, which was a growing business opportunity.

“We, therefore, state that the investments of Sindya Securities and Investments Pvt Ltd in Aircel Ltd have been in compliance with applicable laws of India and all regulatory consents/approvals, wherever required, have been sought and duly granted by the relevant authorities. It is unfortunate that the names of Apollo Group and Dr Prathap C. Reddy are being unnecessarily dragged into these controversies without any basis.”

The CBI is said to be probing Ms Suneetha Reddy's stake in Aircel. She is the Joint Managing Director of Apollo Hospitals. Maxis has 74 per cent stake in Aircel and the remaining 26 per cent is with Sindya Securities and Investments Private Ltd.

Published on July 14, 2011
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