Cabinet approves TCIL’s Saudi acquisition
July 4th, 2012 - 4:52 pm ICT by IANSNew Delhi, July 4 (IANS) The Indian cabinet has approved a proposal of the Department of Telecom (DoT) to acquire 60 percent shares of TCIL Saudi Co. Ltd (TSCL) from the Nesma Group to make it a wholly owned subsidiary of Telecommunications Consultants India Ltd (TCIL).
TSCL is a joint venture between TCIL and Nesma, a well-diversified Saudi conglomerate.
The investment would be made from TCIL’s internal resources, said an official statement released after a meeting of the Cabinet Committee on Economic Affairs.
TCIL is a telecom consultancy and engineering company and was incorporated in 1978 by the Indian government.
Of late, TCIL has diversified into civil works. It is engaged in telecom projects in India and abroad, directly or through its joint venture subsidiaries.
It has worked in over 60 countries and has also contributed in providing strategic communication in the neighbouring countries like Nepal, Bangaldesh, Afghanistan, Bhutan and Sri Lanka. The company’s paid-up capital now stands at Rs.43.20 crore.
The standalone networth of the company is Rs.420.41 crore.
- SPV formed for road project in Madhya Pradesh - Aug 17, 2012
- Wipro leading IT service provider in Saudi Arabia - Dec 05, 2011
- Tamil Nadu Telecommunications Ltd. to be revived - Aug 20, 2009
- Tamil Nadu Telecom's debt to be converted to equity - Aug 20, 2009
- Reliance Communications to list sub-sea cable business in Singapore - Jun 13, 2012
- Hero Honda is now Hero MotoCorp Limited - Jul 29, 2011
- 'UNITEX' gets 'OEKO-TEX International Certification' - Dec 21, 2010
- Court approves demerger of Essar Shipping, Ports and Logistics - Mar 03, 2011
- Hero Group arranges funds to acquire Hero Honda stakes - Mar 08, 2011
- 3M unveils Rs.100 crore research centre in Bangalore - Sep 23, 2011
- Hero allowed $1 billion foreign investment - Mar 29, 2011
- Sahara enters FMCG retail biz on I-day - Aug 13, 2012
- ITC Ltd quarterly net profit increases 24.5 percent - Jul 28, 2011
- ITC's Sri Lankan subsidiary acquires land in Colombo - May 16, 2012
- Mahindra and Mahindra's Q4 net up 44.17 percent - May 30, 2012
Tags: bangaldesh, bhutan, cabinet committee, conglomerate, consultancy, economic affairs, engineering company, india ltd, indian cabinet, indian government, internal resources, joint venture, july 4, neighbouring countries, networth, New Delhi, tcil, telecom projects, telecommunications consultants, tscl