This article was authored by Dylan Bushell-Embling, and was originally posted on telecomasia.net.
Indian conglomerate Tata Group is reportedly close to a deal to sell its Tata Teleservices (TTSL) division's fiber assets to a consortium backed by private equity company TPG Capital.
The consortium has offered at least $1 billion for the fiber assets and related businesses, Bloomberg reported, citing unnamed sources.
According to the report, the consortium is being led by Mukund Rajan, the head of international operations for Tata Group’s holding company Tata Sons, and several Tata Teleservices employees have also joined.
Tata Teleservices arranged in October to sell its consumer mobile business to Bharti Airtel in a cash-free transaction.
Tata Teleservices has received multiple proposals for its fiber network, and competing acquisition offers may still emerge, the report states.
Tata Group has also previously indicated it may merge Tata Teleservices' remaining enterprise business and fixed line assets into the operations of Tata Communications.
Tata Group has been attempting to wind down or carve up its lossmaking Tata Teleservices business after finally settling the contract dispute with former Japanese joint venture partner NTT DoCoMo early last year related to DoCoMo's exit from the venture.