US telecom major AT&T will acquire the 26 per cent stake held by the Mahindra Group in their joint venture in two tranches.
AT&T, which currently owns a 74 per cent stake in AT&T Global Networks Services India, will increase its holding to 98.67 per cent by the first transaction and then to 100 per cent. The value of the deal is not known yet.
AT&T Global Networks provides long-distance telephony services to large enterprises in India, including bandwidth for carrying data traffic across multiple locations using a global network of terrestrial and under-sea cables.
The move to increase stake in the long-distance telephony arm comes after the Government allowed 100 per cent FDI in the telecom sector.
AT&T has sought the approval of the Foreign Investment Promotion Board (FIPB) to buy out Mahindra’s stake in the venture.
Source: http://cablequest.org/news/telecom-news/item/5093-cq-at-t-to-acquire-stake-in-mahindra-telephony-venture.html
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