This deal, as reported earlier in The Financial Express, will enable boththe companies to recover their investments in JTM and focus on their homemarkets.

In line with this decision, Jasmine and Telecom Organisation of Thailand(TOT) in a joint statement said that they have also decided to sell back the40 per cent equity of United Telecom Ltd (UTL) and 30.61 per cent equity ofPriyaraj Electronics to the original promoter, Rajmohan Rao.

Sources added that Rao would also be offered some shares in BhartiEnterprises in return for his stake in JT and associated outfits.Negotiations for this are underway and are expected to mature soon.Observers said that Bharti is in a position to take a majority stake,possibly up to 74 per cent in the company. Telia of Sweden holds theremaining 26 per cent.

Jasmine and TOT have become the second major foreign telecom investors toquit the country. Earlier this year, Swisscom had announced its decision toexit from their joint venture with the Ruia's of Essar.

"We supported JTM through its inception and difficult period ofstabilisation. Today, we need to concentrate in our home market which oflate has come under tremendous pressure. We cannot therefore support furtherfunding of JTM," Montri Srichareon, assistant vice-president, JasmineInternational, said in the statement.

He added that Jasmine and TOT are extending all support to Bharti's effortto take JTM on a high growth path and take a leadership position in thecompany.

Jasmine and TOT together had picked up 23 per cent stake in JTM and werepart of the original bidding consortium along with Telia, Sanmar and UTL.Jasmine had in addition taken shares in various telecom manufacturingcompanies owned by Rajmohan Rao.

Bharti on Tuesday had announced the finalisation of an agreement foracquisition of JT Mobile for around Rs 450 crore. The company has takenover, through issue of fresh equity, Sanmar Group's SC Cellular Ltd, whichdirectly holds 18 per cent stake in JT Mobile, the cellular mobile operatorin Andhra Pradesh and Karnataka.

Meanwhile, JTM plans to provide seamless roaming to its subscribers,specially in the cyclone-prone coastal belt of Andhra Pradesh and Karnataka,soon.

The wireless network, which would provide uninterrupted round-the-clockcommunication to its users whether they were on mid-highways or on highseas, would be operational in the coastal areas of Andhra Pradesh andKarnataka with a year from now, JTM president KS Reddy said in a statementon Tuesday.