DoT opposes STT stake in Idea

Posted on | March 31, 2005 |

The department of telecommunications has opposed a proposal of the Singapore Technologies Telemedia (STT) and TM International (TMI) consortium to acquire 47.7 per cent stake in Idea Cellular.
If the proposal is cleared Tamasek would have significant stakes in both Bharti and Idea, which offer services in eight common circles.

At a meeting of the Foreign Investment Promotion Board (FIPB) today, the department’s representatives said STT was wholly owned by Singapore-based Temasek Holdings.

Temasek also owns 63 per cent of Singapore Telecom (SingTel), which is the largest shareholder in Bharti Tele-Ventures with a 28.22 per cent stake. Temasek also holds 5 per cent in Telekom Malaysia. TMI is the global investment arm of Telekom Malaysia.

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