Aircel assessing deals for 49% stake

Aircel Televentures' officials are evaluating various offers from Indian and overseas telecom firms, including a Russian firm that has offered to buy 49% stake.

Aircel Televentures, controlled by NRI businessman C Sivasankaran, has received a "non-binding offer" from AFK Sistema to buy 49% stake for $450 million, an official spokesperson said today.

He, however, clarified that Aircel was also evaluating offers from Indian and overseas telecom firms on the issue.

With the government hiking the FDI cap in telecom to 74% early this week, Aircel has also been re-evaluating its strategy, he said. "We have not decided on the strategy in the wake of the hike in FDI limit in telecom to 74%."

Hutchison Telecommunication International (HTIL) had, last year, announced the acquisition of Aircel's cellular operations. However, the deal's exclusivity was over in November - allowing the company to talk with other interested parties.

The Aircel spokesman clarified that the company could also start fresh talks with Hutchison, and the deal cannot be considered "dead".