Telecom Italia to sell stake in Indian joint venture
Italian telecommunications company Telecom Italia SpA will sell its stake in its Indian joint venture for 121 million dollars, reports said Thursday.
The Business Standard newspaper said the Italian company would sell its 20 percent stake in Bharti Televentures, a 30.2 percent stake in Bharti Telnet Ltd., and a two percent stake in Bharti Cellular.
The Standard said Singapore Telecommunications (SingTel) would buy the Italian company's 20 percent stake in Bharti Televentures, raising its stake in the company to 35 percent from 15 percent.
However, SingTel said it had no intention of lifting its stake in Bharti.
"Our stake remains at 15 percent and we have no immediate plans to increase the stake," a spokesman said in Singapore.
The Business Standard said the Mittal family, major investors in the Bharti Group, will buy the Italian company's stakes in the other two companies, the report said.
Telecom Italia's move is part of the company's global strategy of concentrating on its operations in Europe, the Mediterranean basin and Latin America, the report said.— (AFP)
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