wordpress blog stats
Connect with us

Hi, what are you looking for?

,

Govt will finally divest 26.1% stake in Tata Communications, filing reveals

The government is set to finally sell off its 26.1% stake in Tata Communications, the tier 1 ISP and enterprise telco, the latter said in a stock exchange filing initially reported by the Economic Times. Decades ago, Tata Communications was known as Videsh Sanchar Nigam Limited (VSNL), and managed the sole access India had to the internet. In the early 2000s, the government sold its stake in the PSU, and the Tata Group acquired ownership, renaming it Tata Communications. With this stake sale, the government may earn millions of dollars from the equity it has still held on to.

Around 16% worth of shares will be sold through stock exchanges, and the rest will be sold based on how that sale goes to Panatone Finvest, a Tata investment subsidiary. As such, Tata will significantly consolidate its equity holding in the company. The shareholding is valuable in itself, as the company’s annual revenues compare to the big three telcos, even though it operates in a much lower profile. On top of datacentre operations through a former subsidiary (now owned by ST Telemedia), the company also owns and operates a global network of submarine cables that serve as a backbone for the global internet.

Also read

Written By

I cover the digital content ecosystem and telecom for MediaNama.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

While the market reality of popular crypto-assets like Bitcoin may undergo little change, the same can't be said for stablecoins.

News

Bringing transactions related to crypto-assets within the tax net could make matters less fuzzy.

News

Loopholes in FEMA and the decentralised nature of crypto-assets point to a need for effective regulations.

News

The need of the hour is for lawmakers to understand the systems that are amplifying harmful content.

News

For drone delivery to become a reality, a permissive regulatory regime is a prerequisite.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ