Sources said Telenor, which is into communications, media and IT, may look to merge its Indian subsidiary with Tata Teleservices
Norway-based Telenor is doing a due diligence of Tata Teleservices to acquire a majority stake in the company, reports Kritika Saxena of CNBC-TV18, quoting unnamed sources.
The sources said Telenor, which is into communications, media and IT, may look to merge its Indian subsidiary with Tata Teleservices .
Telenor CEO Fredrik Baksaas is expected to come down to India for negotiations, the sources said.
Telenor was unavailable for comment, and a Tata Sons spokesperson said the company did not comment on such matters.
Last month, the RBI had allowed Tata Sons to buy out NTT Docomo's 26 percent in Tata Teleservices for USD 1.1 billion.
TataTeleservice stock price
On January 20, 2015, Tata Teleservices (Maharashtra) closed at Rs 9.89, up Rs 0.63, or 6.80 percent. The 52-week high of the share was Rs 14.05 and the 52-week low was Rs 6.80.
The latest book value of the company is Rs -12.04 per share. At current value, the price-to-book value of the company was -0.82.
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