Tatas serves notice to AV Birla group for breaching Idea contract
Mumbai, Mar 1 (UNI) The Tatas have upped the ante in their ongoing feud with the A V Birla Group over their telecom joint venture Idea by serving a notice of termination for breach of shareholders agreement between the two partners in the telecom business.
According to Tata group sources, the notice was served on February 27 this year for termination of the JV contract, alleging that the Birla group, which holds 51 per cent stake in the JV, had leaked out sensitive information at a group company's analysts' meet.
Serving the notice, the Tatas informed their partner that they would proceed to purchase the shareholding of the A V Birla group in joint venture Idea. The notice was served on Birla's flagship company Grasim Industries Limited by Tata Industries Ltd (TIL).
''The A V Birla are a defaulting founder and we shall proceed to purchase the shareholding of the Birla group within 90 days of this notice (''Termination Notice'') at the default price,'' said the notice.
When contacted, a Birla spokesperson here refused to comment on the issue.
UNI GC/JJ SSS NV2103