Siva Group had mandated JM Financial to hunt for a buyer, but investors shied away from the Indian telecom industry.
S Tel, a joint venture between Chennai-based Siva Group and Bahrain Telecom (Batelco), has been directed to immediately stop its mobile services in Himachal Pradesh, Bihar and Orissa, citing national security concerns.
Reliance Telecom and Bharti Airtel have entered the second round of qualifying process for a GSM-based mobile license in Qatar that the Gulf country plans to award by October this year.
In his new role, chief Chinnakannan Sivasankaran's son Saravana is likely to manage 60% of the group's revenues
A look at the life and times of maverick businessman Chinnakannan Sivasankaran
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