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MTNL and Tata Communications to not Participate in Joint Venture Rights Issue

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Mahanagar Telephone Nigam, Telecom Consultants India and Tata Communications have decided against participating in an upcoming rights issue in United Telecom Ltd, the loss-making Nepalese joint venture of MTNL, as the move is seen as commercially unviable. MTNL owns 26.68% in UTL while the balance shares are owned by Tata Communications (26.66%), TCIL (26.66%) and Nepal Ventures Pvt Ltd (20%).

UTL needs over Rs 225 crore to launch GSM services in Nepal. It was recently issued a unified licence and allotted 5 MHz of airwaves in the 900 MHz band to start mobile services. The company , which offers landline, domestic and international long-distance services in 113 cities across the Himalayan kingdom, has seen its revenues crash over the last three years, in part because it does not offer mobile phone services. Original post at ET Telecom

Wahengbam Rorrkychand

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Website: http://www.blog.tonsetelecom.com

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