The Tata Group has divested 10% stake in its direct-to-home (DTH) venture Tata Sky to the Singapore government's investment arm Temasek for $56 million.
A source close to the development told PTI that the deal was inked almost a month back. Temasek is likely to make a formal announcement in this regard soon. "Temasek has the option to increase its stake further to the permissible limit of 26%," the source said.
With this move, Tatas' stake in the company has come down to 70%.
Incorporated in 2004, Tata Sky started off as a 80:20 joint venture between the Tata Group and television network Star. The DTH service was launched last year.
The joint venture partners had earlier stated that the project cost for the venture would be around Rs 3,000 crore.
Read more in
The Business Standard article.
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