State-owned telecom consultancy firm TCIL has got the government approval to buy out its partner's 60% stake in TCIL Saudi Co (TSCL) for Rs 2.8 crore.
"The Cabinet Committee on Economic Affairs has approved the proposal of the Department of Telecommunications regarding acquisition of 60 per shares of TSCL from NESMA Group to make it a 100% subsidiary company of TCIL by investing from TCIL's internal resources," Home Minister P Chidamabarm told reporters on the CCEA's decision taken last evening.
The cost of acquiring NESMA Group's 60% stake is Rs 2.8 crore, he said.
TCIL was incorporated in 1978. Of late, the company has diversified into civil works.
The company is engaged in telecom projects in India and abroad. It has worked in over 60 countries and has also contributed in providing strategic communication in the neighbouring countries like Nepal, Bangaldesh, Afghanistan, Bhutan and Sri Lanka.
TCIL's paid up capital now stands at Rs 43.20 crore. The standalone networth of the company is Rs 420.41 crore.