Government asks Tata Communications for details of planned spending
March 15, 2009
The Indian government, which had earlier objected to Tata Communications' raising a Rs 51 billion loan to fund its expansion plans, has now asked the company to submit details of how it intends to spend this money. The company had intended to raise additional funds for its growth and investment projects. Since the company faced delays in getting government approval, it has reportedly worked out alternative avenues. It plans to raise Rs 10 billion through a rights issue and Rs 4.3 billion by offloading a part of its stake in Tata Teleservices to Japan's NTT DoCoMo.
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