STT-TM consortium call-off its proposed deal to acquire a 47.7 per cent stake in Idea

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STT-TM consortium call-off its proposed deal to acquire a 47.7 per cent stake in Idea

July 15, 2005

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The Singapore Technologies Telemedia (STT)-Telekom Malaysia (TM) consortium has reportedly called off its proposed deal to acquire a 47.7 per cent stake in Idea Cellular for $390 million. The consortium failed to get the requisite approvals from DoT and the Foreign Investment Promotion Board. The existing rules do not allow any company to hold more than 10 per cent stake in two telecom companies operating in the same circle. The Singaporebased financial investment company Temasek owns 65 per cent stake in STT, which controls 28 per cent in BTVL. Bharti and Idea have overlapping operations in a few circles. Though the consortium has backed out, TM has reportedly offered to buy the stake on its own.