The Hindu Business Line | April 13, 2011 | Thomas K. Thomas & Adith Charlie
NEW DELHI/ MUMBAI, APRIL 13:
After riding with the Tatas for three years, the Richard Branson-promoted Virgin Group has exited from the joint venture company, Virgin Mobile India.
Virgin’s partner in the venture, Tata Teleservices (TTSL), has agreed to buy out the 50 per cent stake held by the UK-based company for an undisclosed amount, sources close to the development told Business Line.
It may be recalled that the Virgin Group had signed two business agreements with the Tatas in 2008. One was a 50:50 joint venture for marketing mobile connections on a revenue-share basis, and the other was a branding arrangement that allowed TTSL to use the Virgin brand against payment of royalty.
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