Indian GSM Stake Sold

The USA based NRI Chiranjiv Kathuria has purchased a 49% stake in the Indian GSM network, Koshika Telecom for US$120 million. "We signed the deal with Chicago based NRI Dr Kathuria on Friday for selling 49 per cent stake in Koshika. He is bringing with him a consortium of investors," Usha Group Chairman Rai said, adding "In turn we have offered him share in the management of our cellular company. The new partners will nominate a joint managing director while we will have our chairman,". Usha Group only put the stake up for sale last week in order to raise funds to pay its outstanding GSM license fees to the Indian government."

Posted to the site on 1st May 2001