Avaya to up stake in Tata Telecom

5 Apr 2004

Global equipment and services provider Avaya has announced an agreement with the Tata Group to acquire its 25% stake in Indian telecoms service provider Tata Telecom. Under the terms of the agreement Avaya – which already owns 25.5% of Tata Telecom – will pay USD18 million in cash or INR220 per share. The agreement is expected to close by 30 September 2004 and is subject to regulatory approvals. This includes initiating a public tender offer for a minimum of 20% of the outstanding shares of Tata Telecom. Tata Telecom provides converged voice, data and video networks, and contact centre solutions to unified messaging solutions and customer services.