ATLANTA-Cingular Wireless L.L.C. said it will retain its stake in Indian wireless carrier Idea Cellular Ltd. after allowing an agreement for the 32.9-percent stake sale to expire.
Under the terms of the agreement, originally signed in December 2004 and which lapsed June 11, Cingular was to have sold its stake in Ideal Cellular, a GSM carrier, to a joint venture between Singapore Technologies Telemedia and TM International in Malaysia for about $200 million.
The Idea Cellular stake was originally held by AT&T Wireless Services Inc., which merged with Cingular in October. The sale agreement allowed for a maximum of six months to secure necessary regulatory approvals, which have not yet been obtained. As such, Cingular has opted to let the agreement lapse. Cingular said it continues to evaluate options for its stake in Idea Cellular.
In December 2003, then AT&T Wireless sold its 49-percent stake in BPL Mobile, another Indian wireless carrier, to BPL Group.
