Date:12/05/2005 URL: http://www.thehindubusinessline.com/2005/05/12/stories/2005051201590500.htm

Back BPL Mobile likely to induct equity partner

Our Bureau

Bangalore , May 11

THE Rajeev Chandrasekhar-managed BPL Communications Ltd may announce an equity transaction to induct a strategic partner for the mobile telecom business in the next two to three weeks.

The company sources said talks were on with three contenders - Essar, STT and Vodafone - and it is yet to narrow down a single potential partner. "The management has substantially high shareholding in the flagship BPL Communications Ltd as well as the two operating subsidiaries - BPL Mobile & BPL Mobile Cellular," sources said.

The Company Law Board has turned down BPL Group patriarch Mr T.P.G. Nambiar's plea to restrain his son-in-law, Mr Chandrasekhar, from transferring and selling shares of various telecom companies.