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BT undecided about Tech Mahindra stake
British Telecom (BT) GROUP, which holds around 30% stake in Tech Mahindra (TM), does not view its investment as part of the phone firm’s long-term strategy, as Britain’s biggest telco continues to rationalise it existing core business amid the ongoing economic slump.
According to several experts and company insiders ET spoke with last week, BT remains undecided about its $266 million worth of Tech Mahindra shares as the Britain’s biggest phone firm is unlikely to find a buyer in this economic environment.
Top BT executives do not view Tech Mahindra stake as “strategic investment for the company, especially since many company insiders are raising questions about BT’s existing IT services portfolio including BT Global Services,” said a UK-based person familiar with BT’s operations. He did not wish to be quoted as he is not authorised to speak with media.
Both BT and TM would not offer comments because these companies are in a silent period prior to the announcement of their financial results. TM, which won the bidding race to acquire Satyam Computer Services, said during a recent announcement that its bid was supported by BT.
Source:ET
According to several experts and company insiders ET spoke with last week, BT remains undecided about its $266 million worth of Tech Mahindra shares as the Britain’s biggest phone firm is unlikely to find a buyer in this economic environment.
Top BT executives do not view Tech Mahindra stake as “strategic investment for the company, especially since many company insiders are raising questions about BT’s existing IT services portfolio including BT Global Services,” said a UK-based person familiar with BT’s operations. He did not wish to be quoted as he is not authorised to speak with media.
Both BT and TM would not offer comments because these companies are in a silent period prior to the announcement of their financial results. TM, which won the bidding race to acquire Satyam Computer Services, said during a recent announcement that its bid was supported by BT.
Source:ET
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