France Telecom has re-entered the Indian market through the acquisition of enterprise and managed services division of GTL for around Rs 250 crore. The acquisition will be made through France Telecom’s group company, Orange Business Services.This marks the re-entry of France Telecom to Indian shores, which it exited in 2003 after selling a 26% stake in BPL Mobile, offering services in Mumbai circle.
“British Telecom was the other serious bidder for the business,” said a source familiar with the deal. While there were other bidders earlier on, the BT and France Telecom were the serious players who were eventually in the race to acquire it.
The ITeS business of GTL, a network service provider, was put on the block last fiscal as the company is keen to focus on the network services business, which is expected to bring in Rs 1,500 crore revenues this fiscal.
Read more in The Economic Times article.
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