Tatas Teleservices to hive off cell tower biz
Tata Teleservices on Thursday said it would hive off its cellular tower business in three months, while earmarking Rs 3,500 crore for expanding services in more towns across the country.
By PTI |
MUMBAI: Tata Teleservices on Thursday said it would hive off its cellular tower business in three months, while earmarking Rs 3,500 crore for expanding services in more towns across the country.
The company, which has invested Rs 1,000 crore in the tower business so far, is in talks with six companies to operate its towers, Tata Teleservices CEO Darryl Green told reporters here.
He said the company, which offers CDMA services, would invest Rs 3,500 crore in 2007-08 for rolling out services in more towns as it plans to add 100 million subscribers by 2011 from the present 15.5 million.
Market leader Bharti Airtel and Vodafone, the newest entrant in the Indian mobile space, too have targeted addition of 100 million subscribers each.
India is the world's fastest growing mobile market with over seven million subscriber additions every month.
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