Tata Teleservices (Maharashtra) names new CFO
India’s Tata Teleservices (Maharashtra) (NSE: TTML) has appointed Harish Abhichandani as its new CFO as of 1 September.
Abhichandani replaces Suresh Mahadevan, who has sought early retirement, the telco said in a brief stock exchange filing. No…
India’s Tata Teleservices (Maharashtra) (NSE: TTML) has appointed Harish Abhichandani as its new CFO as of 1 September.
Abhichandani replaces Suresh Mahadevan, who has sought early retirement, the telco said in a brief stock exchange filing. No further details were provided.
A subsidiary of conglomerate Tata Group, TTML provides fixed-line and mobile services in the Maharashtra (including Mumbai) and Goa areas. Tata Teleservices (TTL), which spearheads the group’s telecoms services in other parts of India, also has a joint venture with Japanese telco NTT Docomo providing GSM services under the Tata Docomo brand name. Last month, local media reported that the Tata Group had offered to pay Rs23.34 (US$0.37) per share, or fair market value as determined by PwC, for NTT Docomo’s 26.5% stake in the JV. This is 60% lower than a previous offer in March, which the government and Reserve Bank of India rejected in line with a banking ruling prohibiting foreign investors from selling stakes in Indian firms at pre-set prices. NTT Docomo has sought arbitration in London.
TTML posted revenues for the quarter ended 30 June 2015 of Rs7.58bn (US$118m), EBITDA of Rs2.19bn (US$34.21m) and a standalone net loss of Rs1.03bn (US$16.09m).
During the quarter, it issued Rs7.5bn (US$117.13m) of unlisted, unsecured, redeemable non-convertible debentures. Proceeds are to be used for capital expenditure, long-term working capital, to refinance existing loans and general corporate purposes.
