MITTALS PLAN TO DOWN STAKE IN SEYCHELLES TELECOM VENTURE

Article Abstract:

The Mittals of the Bharti group, who hold a 75 percent stake in Indian Ocean Telecom along with associates Karimji-Jeevanji of Mauritius, have planned to divest a 24 percent stake in the company in favour of a leading strategic operator. This will bring down their stake to 51 percent which will still allow them to have a majority stake and control of the company. The transfer will be effected after Indian Ocean Telecom, which is based in Seychelles, is completely operational and consolidated. The company recently began cellular services and plans to start basic telephone services in Seychelles by the beginning of 1999-2000. (khr)

Sales, profits & dividends, Seychelles, Indian Ocean Telecom

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MODICORP TO SELL STAKE TO ALCATEL

Article Abstract:

The BK Modi group has planned to divest its entire 49 percent stake in the Rs200 crore telecom equipment joint venture, Alcatel Modi Network Systems Ltd (AMNSL), in favour of the French partner, Alcatel. Alcatel, which holds a 51 percent stake in AMNSL, has agreed to acquire ModiCorp's 49 percent stake in the company and convert it into a wholly-owned subsidiary. (khr)

Comment:

The BK Modi group has planned to divest its entire 49 percent stake in the Rs200 crore telecom equipment joint venture, Alcatel Modi Network Systems Ltd (AMNSL), in favour of the French partner, Alcatel.

United States, Asset sales & divestitures, Acquisitions & mergers, France, Alcatel France, BK Modi Group, Alcatel-Modi Network Systems Ltd.

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