Mumbai-based telco BPL Mobile has been planning to induct a strategic partner for a quite a while now. But its chief Rajeev Chandrasekhar’s plans to sell stake in the company had met with opposition from TPG Nambiar, his father-in-law. TPG, a major shareholder in the company by virtue of being the group patriarch and also because he helped kickstart the company financially in the initial stages, had alleged that Chandrsekhar had hijacked the company all for himself by “manipulating” shareholding pattern. Now that the fight has been sorted out, Chandrasekhar is free to sell stake in the company.
According to a Business Standard report, UK-based telco Vodafone and an Indian conglomerate Essar are in the race to buy stake in BPL Mobile group.
“The race for a strategic stake in BPL
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