AFK Sistema to acquire Aircel
AFK Sistema, a Russian company, has signed a non-binding deal to acquire a 49 per cent stake in the C. Sivasankaran-promoted Aircel, a cellular service provider offering services in Chennai and Tamil Nadu circles, for $450 million (about Rs 19.6 billion). The Russian company has the option to increase its stake to 51 per cent. The deal is subject to regulatory approvals. In June 2004, Sivasankaran had signed an agreement to sell Aircel to Hutchison-Essar in a deal estimated to be valued at Rs 16 billion. Regulatory approval was expected within 45 days. However, that has not happened yet and though both companies have not officially called off the deal, the time period of the exclusivity agreement with Hutchison has expired.
- Most Viewed
- Most Rated
- Most Shared
- Related Articles
- Rush for Funds - 3G and BWA auctions spur the demand for finance
- Margins Under Pressure - Bharti and Idea announce fourth quarter results
- MTNL posts its results for the first quarter of financial year 2012-2013
- Financial briefs of March 2011
- Sterlite Technologies announces results for fiscal year 2010-11
- RCOM posts consolidated net profit of Rs 1.02 billion for the quarter ended September 2012
- Sify Technologies Limited reports third quarter results for 2010-11
- Spice Group plans to raise $ 1 billion through overseas listing of Spice Global
- Spice Mobility Limited plans to transfer 47 million shares to two independent non-promoter trusts
- GTL Limited reports 26 per cent fall in profit for the quarter ended December 2010
No Most Rated articles exists!!
| Your cart is empty |
