Aircel acquires RPG Cellular
Our
Economy Bureau
20 December 2003
Chennai: RPG Enterprises has finally exited its cellular operations, with the sale of its entire 79.2 per cent stake in RPG Cellular to Aircel, promoted by C Sivasankaran's Sterling Group.
The Sterling Infotech Group had earlier in June 2003 bought over the 20.7 per cent in RPG Cellular from one of its initial co-promoters, Vodafone Airtouch PLC of UK, in a deal which had witnessed high court room drama.
With the acquisition of RPG Cellular's 2.12 lakh subscribers in Chennai (Rs 180 crore in revenues as of 31st March 2003), Aircel, with revenues of Rs 225 crore from its 4.75 lakh users in Tamil Nadu, has emerged as on of the largest cellular service providers in the south.
Sterling
will take over the assets, customers and employees of RPG Cellular, though it
will have to give up the acquired company's brand name.
