Telenor, Tata Tele in talks to merge ops
Reuters: Nov 28 2012, 00:50 IST
Norway’s Telenor is in talks to merge its Indian operations with Tata Teleservices to gain a bigger foothold in the world’s second-biggest mobile phone market, a source with direct knowledge of the situation said on Tuesday.
Telenor, which won rights to operate in six Indian zones in an auction this month after its earlier permits were ordered to be revoked, is looking to take a majority stake in the merged entity, the source said.
The deal will see India’s Tata Group cutting its stake in unlisted Tata Teleservices, the country’s No. 6 mobile phone carrier, said the source, declining to be named due to the sensitivity of the matter.
The merged entity will be ranked No. 5 by customers.
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