New 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.