Videocon offers to buy Mahendra Nahata's stake in Datacom (India)
August 15, 2008
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The Videocon Group has put forth a proposal to acquire the 36 per cent stake held by Himachal Futuristic Communications Limited's Mahendra Nahata in Videocon's telecommunications arm, Datacom. The move follows Nahata's threat to take Videocon to court over alleged violations in Datacom's shareholders agreement. Nahata has a stake in Datacom through a closely held company, Jumbo Techno Services. According to industry analysts, Nahata's stake is worth $1-$2 billion. Videocon is currently in talks with a number of telecom service providers including Dubai-based Etisalat, Kuwait's Zain and France Telecom for offloading stake in Datacom.
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