TTSL sells 49% of tower arm for Rs 2,400 crore

Corporate Bureau
Posted: Tuesday, Jan 06, 2009 at 0107 hrs IST
Updated: Tuesday, Jan 06, 2009 at 0107 hrs IST

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New Delhi: its GSM rollout by the end of the current calendar year. The country’s second-largest CDMA mobile operator with around 32 million users last year entered the GSM segment with an investment of $1.5 billion. The company already has spectrum for 13 of its 22 circles. Sardana said orders for equipment have been placed with leading vendors like Noika Siemens, Huawei and NEC.

TTSL recently sold 26% stake to Japanese telecom major NTT DoComo for $2.7 billion. According to Sardana, NTT has applied to the Foreign Investment Promotion Board for approval, even though current regulations though allow up to 49% foreign direct investment under the automatic route and up to 74% through FIPB.

With NTT on board, TTSL is expected to have a major advantage in 3G services, which are yet to be launched in the country, as its Japanese counterpart is very strong in data applications....

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