Tata Teleservices and Hughes Tele.com India will not merge
Published:
12 November 2001 y., Monday
Tata Teleservices and Hughes Tele.com India will not merge, sources close to Hughes said. But the Tata company will transfer its basic telecom operations in Andhra Pradesh to Hughes.
Tata Teleservices will emerge as the new holding company for the Tata group's basic telecom operations, national long-distance telephony and Internet services, after hiving off the Andhra operations, said senior Tata officials.
The details of the alliance between the two sides would be finalized within the next fortnight. The Tatas had earlier contemplated merging Tata Teleservices and Hughes Tele.com. Apart from the Andhra circle, Tata Teleservices currently holds the license for four more circles and letter of intents for three more. Hughes operates the Maharashtra circle.
Earlier, Hughes and the Tatas were deliberating on whether to bring the new four basic licenses under the merged entity. Financial factors such as stamp duty, income tax and other reasons have prompted the promoters to undertake a review of the entire merger process, said Hughes executives.
Šaltinis:
newsbytes.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The EBRD is making a €4 million equity investment in Geofoto, a Croatian geodetic company offering mapping, geodetic survey, photogrammetry, geoinformatics and aerial survey services, to support its drive to expand operations on international level.
more »
Nordea came out of 2009 in an even stronger position, despite one of the most challenging years for decades. Risk-adjusted profit increased 22% and our capital position and cost of funding are among the best in Europe.
more »
MEPs gave the green light on Thursday for EU funding to help Europe's unemployed start up small businesses.
more »
MEPs are deeply concerned about the long-standing and growing presence of al-Qaeda, and the deteriorating security, social and economic problems in Yemen, which they think could destabilise neighbouring countries.
more »
At the start of a new decade, Sub Saharan Africa is reeling from the effects of three major global crises – food, fuel and financial – that have reversed many of the economic achievements of the last 10 years and left some growth projections at levels below those of 30 years ago.
more »
The 5th High-level Seminar of Central Banks in the East Asia-Pacific Region and the Euro Area was jointly organised by the European Central Bank and the Reserve Bank of Australia, in cooperation with the Hong Kong Monetary Authority.
more »
The EBRD and European Fund for Southeast Europe are boosting the availability of financing to private businesses in Moldova with a $10 million loan to ProCredit Bank in Moldova for on-lending to micro and small enterprises.
more »
The EBRD is supporting the development of the retail infrastructure in Croatia with a €68 million loan to finance the construction of a modern shopping centre in Split, the second largest city in Croatia.
more »
The European Bank for Reconstruction and Development has agreed to sell its 15 percent stake in OAO Swedbank Russia to its parent and major stakeholder, Sweden’s Swedbank AB, a move which would give it full ownership of its Russian subsidiary.
more »
The Ministers of Industry took the first steps in San Sebastián today to make the electric vehicle a reality in Europe and agreed that European institutions, with the EC at the head, should lead a common strategy on electric vehicles.
more »