Boby Kurian and Girish Rao, TNN Feb 28, 2006, 12.15am IST
BANGALORE: Telekom Malaysia's wholly-owned unit, TM International, is set to buy out Ashmore Investments and Deutsche Bank's 49% stake in Spice Telecom.
Ashmore and Deutsche Bank had picked up the strategic stake held by Singapore-based Distacomm, following the latter's decision to exit the market.
According to industry sources, along with other foreign players, Maxis (Telekom Malaysia's rival) was also in the race for the Spice stake. But Telekom Malaysia emerged as the preferred suitor and Spice has been holding exclusive talks with it for a while now, said sources.
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