TTSL plans stake sale while TTML decides to hives off its tower division
May 15, 2008
Tata Teleservices Limited (TTSL) is planning to raise more than $1 billion by selling 15-30 per cent stake to private equity and strategic investors. According to sources, the company plans to utilise the amount raised for its expansion in both CDMA and its soon-to-be-launched GSM services.
Meanwhile, Tata Teleservices (Maharashtra) Limited (TTML) has decided to hive off its tower business into a wholly owned subsidiary. The move will enable the company, which has around 3,500 towers, to focus more on the passive infrastructure business. The hiving-off process is likely to be completed by June 2008.
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