UK media group Virgin is reportedly seeking to sell its 9-8% stake in Virgin Mobile, the Indian mobile operator it shares with Indian telco Tata Group.
The group is seeking to exit the joint venture through selling its stake to Tata, according to reports…
UK media group Virgin is reportedly seeking to sell its 9-8% stake in Virgin Mobile, the Indian mobile operator it shares with Indian telco Tata Group.
The group is seeking to exit the joint venture through selling its stake to Tata, according to reports citing the CNBC-TV18 television channel on Wednesday.
No explanation was given for the move, but the JV is reportedly one of several Indian telcos currently under investigation by the Enforcement Directorate, which probes alleged cases of money laundering as well as violations to foreign exchange laws.
Investigations surrounding India’s 2G scandal continue to rock the country, culminating in the arrest in February of former telecoms minister A Raja, who has been charged for cheating.
Virgin was unable to comment before the press deadline.
