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Usha Martin Telekom revamps company board
Arpan Mukherjee
Calcutta, Aug 3: Usha Martin Telekom (UMT), the cellular phone service provider that recently changed hands, now has a new board and a chief executive officer (CEO) in Rajiv Sahani. Two major partners have bought out shares of the earlier promoters in an all-cash deal reported to be around $145 million (or Rs 640 crore). When contacted by The Financial Express, Kapoor, who was in Delhi said that the company has a new CEO in Rajiv Sahani. However, neither Sahani nor his office could be contacted for details about the board structure.UMT, which provides mobile telephony in Calcutta under the command brand, was promoted by Usha Beltron Ltd of the Jhawars and Telekom Malaysia Berhad. The Jhawars controlled 51 per cent and Telekom Malaysia 49 per cent.According to a note to the stock exchanges, the entire stake of the holding company - UMT Investments Ltd - has been bought out by Jaykay Finholding (India) Ltd and Asian Telecommunications Investment Mauritius Ltd. Kotak Mahindra promoted Jaykay holds 51 per cent, and Asian Telecommunications 49 per cent. Around 5 per cent of Jaykay's stake is held by the Jhawars. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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