| Tata Teleservices Maharashtra Ltd (TTML), has earmarked a corpus of Rs 500 crore for its operations in the country. It also plans to increase its subscriber base from the present 2.1 million to over 3 million by the year end.
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| “The corpus of Rs 500 crore would be used for the company’s expansion plans in Mumbai and Maharashtra circles and also for increasing its value-added services (VAS) and bringing in new handsets,” Tata Group Chairman Ratan N Tata said TTML’s annual general meeting today.
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| On the company’s rights issue of Rs 500 crore, he said TTML had moved the Securities and Exchange Board of India (SEBI) and was awaiting a letter of offer from the market regulator.
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| “After getting the letter of offer, we can go ahead with the rights issue,” he added.
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| Meanwhile, Kishore A Chauker and R Gopalakrishnan stepped down from the company’s board, while Tata Consultancy Services Managing Director and CEO S Ramadorai was elected the director. The company also added another member, Arunkumar Gandhi, on its board.
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| Tata said the royalty on CDMA handsets was hurting the company’s revenues, unlike in case of GSM where no royalties were being paid.
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| Tata said they Tatas were serious in telecom business and would eventually merge all the three companies - Tata Teleservices ( Maharashtra) Ltd, Tata Teleservices Ltd and Videsh Sanchar Nigam Ltd - of which TTML and VSNL are listed entities. However, he did not specify any time-frame for the merger. |
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