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Jasmine, TOT to withdraw from India

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CIOL Bureau
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NEW DELHI: Thailand's telecom companies TOT and Jasmine International have decided to withdraw investments from India, paving the way for Bharti Telecom to take a controlling stake in JT Mobile, which operates cellphone services in Karnataka and Andhra Pradesh.

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Bharti had announced the acquisition of SC Cellular, a Sanmar group company, which holds 18 per cent stake in JTM. Bharti has already invested over Rs 400 crore in the venture and is planning to hold up to 65 per cent of JTM through a possible expansion of its equity base which may double from Rs 300 crore at present.



JTM board is likely to meet within the next few days to work on equity rebalancing in the company which has around 85,000 subscribers in the two circles. Jasmine and TOT together hold 23 per cent in JTM. Jasmine has also decided to sell 40 per cent equity of UTL and 30.61 per cent equity of Priyaraj Electronics back to Indian promoter Dr Rajamohan Rao. These investments were for telecom manufacturing businesses. Jasmine's assistant VP Montri Sricharoen said that the decisions were aimed at "recovering non core investments and also a decision to exit India altogether''.

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