Koor eyes stake in Tata TeleServices

18 Apr 2008

Israeli company Koor Industries has expressed interest in acquiring a minority stake in CDMA network operator Tata Teleservices. According to a statement by Koor filed with the Tel Aviv Stock Exchange, it has sent a non-binding letter of intent expressing its interest in investing USD577 million in Tata Teleservices. It acknowledged, however, that there was ‘no certainty’ a deal would be reached. Tata is reported to be aiming to raise over USD1 billion by selling up to 30% of the company to private equity firms and other investors. Tata had over 22.4 million wireless customers at the end of 2007, according to TeleGeography’s GlobalComms database

India, Tata Teleservices (TTSL, incl. TTML)