Tata Tele to sell 20% stake for $500mnTata Teleservices Ltd, the CDMA services provider of the Tata group, is set to offload 20 % stake to a
clutch of investors, including state-owned private equity fund Temasek of Singapore and C Sivasankaran,
by February 15. The sale is expected to fetch Tata Teleservices over $500mn. Sivasankaran, the promoter
of the Sterling group, recently sold telecom service provider Aircel to Malaysia-based Maxis for $1.08bn.
Various Tata group companies promote TTSL, an unlisted company, including Tata Sons, Videsh
Sanchar Nigam Ltd and certain other Tata firms. Tata Teleservices had made an attempt to sale one-third
stake to South Korean Telecom (SKT). But the deal did not materialize because of differences over
valuation. Tata Teleservices had over 8mn subscribers in January 2006 and had operations in 20 circles.
