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Thursday, Feb 03, 2005

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Singapore group may hike stake in Idea Cellular

Our Bureau

New Delhi , Feb. 2

WITHIN hours of the Government announcing the new FDI policy, Singapore Technologies Telemedia Pte Ltd and TM International Sdn Bhd, said that the consortium would evaluate the option to purchase additional shares in Idea Cellular.

The two companies at present hold 48 per cent in Idea Cellular after it bought out the US major AT&T's stake. The remaining equity is held by the Birla Group and Tata Group.

"The consortium welcomes the decision of the Indian Government to hike the FDI limit in telecom sector from 49 per cent to 74 per cent. This will prove to have a positive impact on the growing Indian telecom market and will lead to long-term players providing better quality services and absolute value to the end consumer. The consortium will evaluate the option to purchase additional stake at an appropriate time," said a statement from the consortium.

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