PR Newswire:
Cingular Wireless, a joint venture between SBC Communications Inc. and BellSouth Corp, announced that it has allowed the agreement to sell its 32.9% indirect stake in the Indian wireless service provider, IDEA Cellular Ltd, to expire.
Under the terms of the agreement, which was originally signed in December of 2004 and which lapsed on June 11, AT&T Wireless was to have sold its stake in IDEA Cellular, a leading cellular operator in India, to a joint venture between Singapore Technologies Telemedia and TM International in Malaysia for $200 million. The IDEA Cellular stake was originally an investment of AT&T Wireless, which merged with Cingular on October 26, 2004.
The sale agreement allowed for a maximum of six months for the securing of necessary regulatory approvals, which have not yet been obtained. As such, Cingular has opted to let the agreement lapse. Cingular said that it continues to evaluate options for its stake in IDEA Cellular.
Also read Business Standard article: STT calls off Idea stake deal
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