Aircel to divest 49% stake for $450mn

Aircel Televentures, promoted by C Sivasankaran, has entered into a non-binding deal with Russia's AFK Sistema to sell a 49% stake for $450 million, according to a report released by Reuters.

V. Srinivasan, a director of the Aircel group, told Reuters the deal was subject to approvals from both Russian and Indian authorities.

Aircel Televentures is the holding company of Aircel and Aircel Cellular, which has its main operations in Chennai and Tamil Nadu circles.