The government has close to 26.12 per cent stake or 7.44 crore shares in Tata Communications.
New Delhi: Tata Sons Chief N Chandrasekaran on Tuesday met Telecom Secretary Aruna Sundararajan, amid Tata Communications' stated interest in acquiring the enterprise business of Tata Teleservices.
The government has close to 26.12 per cent stake or 7.44 crore shares in Tata Communications, the erstwhile Videsh Sanchar Nigam Ltd (VSNL). Asked if a final decision had been taken on the enterprise business, Chandrasekaran told reporters that the matter has to be taken up by the board of Tata Communications first.
The meeting took place at a crucial juncture for Tatas vis-a-vis the telecom business. While Bharti Airtel had last year announced the takeover of consumer mobile business of of Tata Teleservices Ltd (TTSL) and Tata Teleservices Maharashtra Ltd (TTML) in a cash-free, debt-free deal, Tata Communications had stated that it will explore the possibility of acquiring the enterprise business of Tata Teleservices.
He was accompanied by N Srinath, Managing Director of Tata Teleservices. Chandrasekaran -- who is the Chairman of the board of Tata Sons, the holding company and promoter of over 100 Tata operating firms with aggregate annual revenues exceeding USD 100 billion - declined to comment on the discussions that lasted almost 30 minutes.
Sundararajan also did not divulge the details of discussions. Tata Communications had said on October 12 that it "proposes to engage in exploratory discussions with TTSL and TTML regarding the potential acquisition of its enterprise business".