GTL has decided to sell its operations, maintenance and energy (OME) management business to E2 Energy Services for Rs 850 crore. The board of directors of GTL have approved the proposed transaction subject to receipt of all necessary consents from regulatory authorities and lenders of the company.
Upon conclusion of the transaction, the proceeds will be utilized by the Company to pay dues to the lenders. This forms part of the larger effort by the Company whereby it has proposed a one-time settlement offer to the lenders, which envisages the sale of its assets & investments in order to repay its dues.
GTL, incorporated in 1987, is amongst the leading network services company. The company’s services are widely used by WiMax, CDMA, GSM, fixed line telecom carrier, OEMs and leading corporates across the world.
