Hughes Network Systems, a shaeholder of Hughes Tele.com (India) Limited ("HTIL"), and Tata Industries Limited, a shareholder of Tata Teleservices Limited ("TTL") announced today that they have signed a Memorandum of Understanding ("MoU") for a combination concerning the basic telphony services in relation to the existing licenses of HTIL in Maharashtra and of TTL in Andhra Pradesh. The MoU is subject to approval of the respective Boards of Directors, shareholders, relevant corporate bodies and necessary statutory and regulatory approvals including DoT.
This announcement should not be construed to imply that any definitive agreement has or will be reached between the parties.
DSP Merrill Lynch Limited acted as exclusive financial advisors to Tata Group. ICICI Securities and Finance Company Limited (ICICI Securities) acted as exclusive financial advisors to Hughes.