Tata group may sell 49 percent of its phone transmission-towers business to a unit of SREI Group for about $1.9 billion, the Times of India reported, citing an official it didn't identify.
Quippo Infrastructure Equipment Ltd., a SREI Group company, is among the leading bidders for the stake in Wireless Tata Telecom Infrastructure that owns about 13,500 transmission towers, the newspaper said.
Citigroup Inc. and Lehman Brothers Holdings Inc. are advising Tata, while JM Financial Ltd. is advising Quippo, the newspaper said.
The Tata group owns Tata Teleservices Ltd., the closely held mobile phone operator, and Tata Teleservices Maharashtra Ltd., the publicly listed company that operates phone networks in Maharashtra and Goa states. (Bloomberg)