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November 17, 2008

Temasek seen keeping Tata Tele stake

Temasek is yet to take a final decision on whether to exit Indian's Tata Teleservices, but is likely to remain invested, Reuters quoted a senior official as saying Sunday.

Temasek owns about 9 percent in India's sixth-largest mobile operator, in which Japan's NTT DoCoMo on Wednesday agreed to buy a 26 percent stake for $2.7 billion.

"It's too early to take a call. As of right now we are probably going to remain invested," Manish Kejriwal, senior managing director at Temasek's India unit, told reporters at the India Economic Summit.

"We look at all options and if the option is available, we will study it. But as of right now, we are very happy with our investment, which has more than tripled in value," Kejriwal said, declining to say how much they paid for the stake in 2006.

Unlisted Tata Teleservices is part of the sprawling Tata Group, and group firms own about 80 percent of it, while investor C. Sivasankaran holds 8 percent.

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