New Delhi, Aug. 4: Telecommunications Consultants India Ltd is likely to soon float a domestic issue to offload 25 per cent stake at Rs 400 crore.
The company’s board has approved the proposal for an initial public offer (IPO) and is likely to float the same during the current financial year.
TCIL chairman and managing director Govind Das Gahia said today: “We have received the approval from the board for a Rs 400 crore IPO to divest a 25 per cent stake. This would be followed by an American depository receipt (ADR) issue. We have not finalised a date for the IPO but it will be announced soon.”
TCIL was set up in 1978 and undertakes projects in all fields of telecommunications in India and abroad. The company has its core competence in network projects, software support, switching and transmission systems, cellular services, rural telecommunications and optical fibre based backbone network.
The company is now planning to enter into global mobile personal communications through a joint venture route besides its existing cellular services in Rajasthan. TCIL has already undertaken turnkey operations in 45 countries for building the telecom network.
Long distance licence
The Telecom Regulatory Authority of India has sent a letter to the telecom operators accepting their demand to include international long distance (ILD) and national long distance (NLD) in the discussions for a unified licence for the telecom sector.