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Videocon Looking To Sell 26% In Telecom Co

Videcon Telecommunications, one of the new telecom operators in India, and a fully owned subsidiary of electronics major Videocon, is planning to raise around Rs. 15,000 crores by selling 26% stake in the company, reports Business Standard.

By the end of July 2010, Videocon had a connection / subscriber base of just 2.78 million, according to data released by the GSM association COAI. Videocon offers services in Tamil Nadu, (including Chennai), Punjab, Haryana, Mumbai, Gujarat, Kerala, Madhya Pradesh, UP East, UP West and Himachal Pradesh, but is struggling to garner subscribers in a multi-SIM environment. Recently they launched a new ISD tariff which allows users to call US or Canada for just 1 paisa per second; the pack costs Rs. 57 and has a 30 day validity. This offer has been introduced in all the circles in which service is offered except in Mumbai. In March of this year the company had launched services in Coimbatore under the brand Videocon Mobile Service, becoming the 14th telecom operator to do so.

Recently, there were reports of some of the new telecom operators looking to return their prized licenses to the DoT, given the inability to scale in India’s competitive telecom market.

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