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Thursday, August 14 1997

Cell operators seek change in promoters

ENS ECONOMIC BUREAU

NEW DELHI, Aug 13: A number of cellular service operators such Bharti Telecom, BPL, RPG, Sterling and AirTel have sought the Department of Telecommunication's (DoT) nod for changing their promoters and partners.

BPL System and Projects Ltd, licence holder for Mumbai, is planning to increase the stake of the group of nine BPL companies from 60 % to 74 %. The stake of the foreign partner - France Telecom - will continue to be 26 %.

However, LCC Inc, US, which was holding 14 %, will go out of the consortium under the new arrangement and transfer the same to the BPL group companies.

RPG Cellular Ltd, holding the licence for Chennai, has submitted a proposal to transfer 51 % of it's equity to RPG Mobile Ltd. Under the proposal, Airtouch Int Ltd (Mauritius) will hold 20 %, Cellfone Ltd (Mauritius) 26 %, Itouchu Corp and MIstubishi Corp 1.5 % each.

At the time of bidding, Ceat Finance Company Ltd and Ceat Holding Ltd held 26 % and 25 %, respectively. Airtouch Int 20 % and Cellfone (Mauritius) 26 %. The stake of Itouchu Corp and Mistubishi Corp was 1.5 % each.

Another proposal before DoT is from Aircel Digiling India Ltd. The proposal is for raising the stake of Karthik Financial Services Ltd from 30 % to 80 % followed by Sterling Computers Ltd 10% and Swiss PTT 10%.

Cellular Communications (I) Ltd has also submitted a proposal under which RPG Telecom, Harrison Malayalam, KEC Intl and RPG Mobile together will hold 51 % and Airtouch Intl (Mauritius) will hold 49%.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.

PATEL ROADWAYS LTD.

Wockhardt

Ceat Financial Services Ltd.

KHOJ

The Financial Express

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