BIRLA AT&T LOOKS TO THIRD INVESTOR FOR BAILOUT
Article Abstract:
Birla AT&T, a venture between the Aditya Birla group and AT&T of the US, has asked investment banker Deutsche Morgan Grenfell to look for a domestic or foreign partner. The joint venture cellular operator has accumulated losses of over Rs630 crore. The company is thinking of increasing its equity holding by Rs40 crore. The holding pattern of both the Birla group and AT&T will be diluted in the same proportion to retain the holding ratio at 51:49 after the third investor comes in. The total project cost of the joint venture was estimated at Rs5,151 crore including licence fees of Rs3,451 crore but the project cost has almost doubled due to delay in getting various clearances from the government, depreciation of the rupee and the high finance cost of accumulated losses. (khr)
Comment:
Asks investment banker Deutsche Morgan Grenfell to look for domestic or foreign partner
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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USHA MARTIN TELEKOM RECASTS TOP
Article Abstract:
Usha Martin Telekom Ltd has recast its top management and has brought in Mr Arun Kapoor, the former executive director of Modi Xerox, as its new managing director. General Sharad Gupte and Mr Lalit Chainwala have stepped down from the posts of managing director and executive director respectively and will shortly assume new responsibilities in the Usha Martin group. General Gupte will take charge of UMIL Infrastructure Ltd while Mr Chainwala will become the managing director of Usha Breco. UMTL, a 51:49 joint venture between the Jhawars and Telekom Malaysia, operates the Command cellular network in Calcutta. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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TATA TELESERVICES PAYS UP 20% OF ITS DUES TO DoT
Article Abstract:
Tata Teleservices has paid 20 percent of the outstanding dues to the Department of Telecommunications (DoT) of the Government of India. It remitted Rs21.12 crore on March 17, 1999. It is the second company to pay the dues to the Department of Telecommunications after Bharti Telecom. It holds licence for basic telecom services for Andhra Pradesh. Shyam Telelink has dues of Rs138 crore. Essar and Hughes Ispat are also paying 20 percent of their dues in a few days. The telecom licencees have been asked by the Delhi High Court to pay 20 percent of the outstanding licence fee in 10 days. (rk) (kvr)
Comment:
Tata Teleservices has paid 20 percent of the outstanding dues to the Department of Telecommunications (DoT) of the Government of India.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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