Sunday, Apr 04, 2004
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MUMBAI, APRIL 3. The Tata group has sold 25.1 per cent equity stake in its converge communications solutions provider Tata Telecom to Avaya Inc. for Rs. 78.60 crores and exited from the joint venture with the U.S.-based company. The company has sold its stake through a subsidiary for a minimum of 20 per cent of Tata Telecom's paid-up equity capital at Rs. 220 per share, a Tata group release said here on Saturday. The company, which had made an open offer for the sale, said that the acquisition price is being paid to Tata and is in line with the Securities and Exchange Board of India guidelines. The sell-off decision is in line with the group's overall strategy to focus on telecom services, and Tata Telecom would build on the business of providing converged communications solutions to enterprises, it added.
PTI
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