BPL Mobile in talks to sell 40% stake

BOMBAY: BPL Mobile Communications, a privately owned mobile services provider, said on Monday it plans to sell up to a 40 percent stake to a strategic partner and invest Rs 6.25 billion on expansion.

The firm does not have a time frame for the stake sale, Chief Executive Officer Sandip Basu said on the sidelines of a news conference.

In December, France Telecom sold its 26 percent stake in the company to a consortium of investors. India's Essar Group bought a 9.9 percent stake, which was part of France Telecom's stake.

BPL also plans to invest Rs 6.25 billion ($143 million) in expanding its network in Bombay, Maharashtra, Kerala and Tamil Nadu in 2005-06. The company plans to add 1.25 million mobile customers in 2005/06, Basu said.