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Thursday, June 10, 2010

Tata Comm, CEC withdraw from equity JV with Chinese Govt

Tata Communications (Hong Kong), a wholly owned indirect subsidiary of Tata Communications, and the shareholders of China Entercom Communications (CEC) have jointly withdrawn their equity joint venture (EJV) application with the Chinese Government.

Both the organizations have mutually agreed to terminate the various agreements memorialising Tata Communications equity investment in CEC.

Srinivasa Addepalli, Senior VP, corporate strategy, Tata Communications, said: "The parties mutually agreed to withdraw the EJV application due to the uncertainty of whether any regulatory approvals from the Chinese Authorities were forthcoming. While the EJV has been called off, we will continue to work with CEC to further our plans in China."

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