BT sells down Tech Mahindra stake

BT sells down Tech Mahindra stake

Dylan Bushell-Embling  |   November 29, 2010
telecomasia.net
BT will sell part of its 30% stake in telecom and IT outsourcer Tech Mahindra, prompting renewed speculation the company may exit the Indian venture entirely.
 
In a statement, BT said it would sell up to 5.5% of Tech Mahindra to its JV partner in India, automotive group Mahindra & Mahindra.
 
Based on the JV's valuation, the sale could be worth around $90 million, FT.com estimates
 
The deal would increase Mahindra & Mahindra's holding in the JV to around 48%.
 
BT flagged possible further sales in the future, but said it expects to remain a shareholder in Tech Mahindra “for some time.”
 
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