Date:06/08/2005 URL: http://www.thehindubusinessline.com/2005/08/06/stories/2005080602860900.htm

Back Tata Tele (Maharashtra) FCCB issue okayed

Our Bureau

Mr Firdose A. Vandrevala, Chairman, Tata Teleservices (Maharashtra) Ltd (left), and Dr Mukund Rajan, Director, at the company's AGM in Mumbai on Friday. — Shashi Ashiwal

Mumbai , Aug. 5

TATA Teleservices (Maharashtra) Ltd has acquired shareholder permission to issue foreign currency convertible bonds up to a limit of $200 million (Rs 880 crore).

The company has drawn up a capital expenditure plan of Rs 700 crore for the current year, said the Chairman, Mr F.A. Vandrevala, at the company's AGM here on Friday.

Most of it will go into deeper penetration into its circle of operation, Maharashtra (including Goa).

The company has already invested Rs 3,750 crore out of its total project cost of Rs 5,400 crore. A range of mobile instruments are to be offered to customers in the coming six months, including one that will serve as a computer (akin to a palm top). The company is already in negotiation with vendors for these instruments.