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Tatas, Reliance vie for Tyco division
By siliconindia staff writer
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Tuesday, 12 October 2004, 19:30 IST
NEW DELHI: Tata and Reliance business groups and a US-based firm have been shortlisted to buy Tyco International's global telecommunications network, reports Economic Times quoting a source close to the bidders.
The Indian companies' interest in Tyco Global Network, formerly known as TyCom, reflects fast-growing demand for telecoms bandwidth in India as international firms outsource back-office services to the country.
The source, who declined to be named, refused to identify the US firm on the shortlist.
"It's down to these three," the source said.
The Tyco business, which was but on the block last year, includes trans-Atlantic and trans-Pacific cables and lines in Europe and the United States. It drained billions of dollars from Tyco's resources as global demand for undersea capacity soured.
The Tata group had previously confirmed it was in negotiations with Tyco. A BusinessWeek magazine report in July said the group was mulling paying about $200 million for the telecoms assets.
Officials from the Tata and Reliance groups were not available for comment on Tuesday.
Both groups are integrated telecoms providers in India, mainly offering mobile services.
Two years ago, a Tata investment company bought a stake in India's dominant overseas calls provider, VSNL, from the government.