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Tata Tele plans 10p.c. stake sale: Report

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CIOL Bureau
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NEW DELHI: Tata Teleservices Ltd., India's second largest provider of CDMA-based mobile telephone services, is planning to sell a nearly 10 percent stake to several investors for about $350 million, the Business Standard said on Friday.

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The financial paper, quoting unnamed sources, said Temasek Holdings, the state-run investment agency of Singapore, had shown an interest in the unlisted company. Tata Teleservices has more than 3.2 million mobile users.

Representatives of the telecoms company could not be reached for comment.

With more than 75.17 million users, India's wireless sector, the world's fastest growing mobile market, has become a hunting ground for overseas carriers.

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Last year, Malaysia's biggest cellular services firm, Maxis Communications Bhd. and an Indian partner spent $1.08 billion to take over midsized operator Aircel Ltd.

Before that, UK-based Vodafone Group Plc invested $1.5 billion to buy a 10 percent stake in Bharti Tele-Ventures Ltd. - India's top mobile services provider.

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