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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (969)	3/1/2000 9:48:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 1471

OT Birlas,Tatas,AT&T to merge India cellular business Wednesday March 1, 8:53 am Eastern Time NEW DELHI, March 1 (Reuters) - India's A.V. Birla group, Tata Industries and U.S. telecom firm AT&T have signed a memorandum of undersanding to merge their cellular businesses in three provinces in the country, a joint statement said on Wednesday. ``The Aditya Birla group, Tata Industries and AT&T today signed a memorandum of understanding expressing their intent to merge the cellular properties owned by Birla AT&T Communications Ltd and Tata Communications Ltd, subject to conclusion of definitive agreements and various statutory approvals,' it said. The Birlas and AT&T are currently partners in Birla AT&T Communications which offers cellular services in the western states of Gujarat, Maharashtra and Goa. The Tata company runs a cellular phone business in the southern Andhra Pradesh state. The American International Group (NYSE:AIG - news) holds 10 percent equity in the cellular firm. The statement did not give financial details of the proposed merger, but said it will result in a joint venture whose equity will be equally split between the three partners. ``This combination will result in a joint venture company wherein each of the three partners will have an equal holding... (and) will provide cellular services in the neighbouring states of Maharashtra and Goa (excluding Bombay), Gujarat and Andhra Pradesh.' A Tata Industries official said the three companies would finalise the details of the merger in the coming weeks. ``Over the next four to six weeks, we hope to have a joint venture agreement ready. Then, we will take things forward,'S.H. Rajadhyaksha, vice-president (finance) and company secretary of Tata Industries, told Reuters.