Singapore's Temasek buys stake in Tata Teleservices

Mumbai, Mar 8 (UNI) Singapore's Temasek Holdings has bought a 9.9 per cent stake in the country's leading private telecom service providers, Tata Teleservices, for an undisclosed amount.

Tata Teleservices today said Temasek acquired the stake through its wholly-owned subsidiary, Aranda Investments (Mauritius), adding the investment by Temasek coincides with Tata Teleservices' addition of over 5 million net subscribers and its nationwide commercial launch of services over the last year.

Commenting on the investment, Tata Teleservices' CEO Darryl Green said, '' This investment not only reaffirms investor interest in India's telecom sector but also underlines confidence in Tata Teleservices' growth plans and aspirations to achieve market leadership. This investment is a tremendous endorsement of our efforts to build a technologically-driven and consumer-focused company. We hope to tap on Temasek's network and experience to grow Tata Teleservices' share of the market and to fulfill our vision of becoming a market leader.'' Manish Kejriwal, MD of Temasek Holdings Advisors India Pvt Ltd said, '' We are excited about India's growth prospects and the telecom industry provides with us with an attractive opportunity to participate in this fast growing market. As a shareholder of Tata Teleservices, we are privileged to have the opportunity to invest in a company that is poised to become a significant national player. This investment also marks our second significant investment (after TCS) in the Tata Group, one of India's most respected business groups. We look forward to leveraging Temasek's global network and experience across various industries to help expand Tata Teleservices' footprint.'' UNI SA SKB1931