Mahindra Group not keen its stake in telecom
joint venture.
The Mahindra Group on Monday said it was not keen on increasing its
stake in the telecom joint venture AT&T India.
Currently, the US-based telecom giant AT&T owns 74 per cent in AT&T
India while the remaining stake is held by Mahindra Telecommunications
Investment Pvt Ltd.
Clarifying on media reports which said the group was open to
increasing its stake, Jay Shah, deputy general manager, corporate
communication of Mahindra & Mahindra, said "the group has no such
intention."
The JV was granted license by the department of telecommunication to
start national and international long distance services in India with
an undertaking that the company would comply with FDI guidelines, to
be finalised by the government before January 2, 2007.
The government is yet to finalise the guidelines to enhance FDI in the
telecom sector to 74 per cent from the current 49 per cent.
Source: zeenews.com
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