Indian Tata may bid for UK’s CWW

MUMBAI - Agence France-Presse

India’s Tata Communications is considering a bid for British telecom group Cable and Wireless Worldwide (CWW), the Times of India reported yesterday, citing unnamed sources.

“The potential acquisition is in its early stages,” a source told the newspaper.

CWW is a global telecoms company with more than 6,000 clients that the Times of India said could cost more than $1.2 billion.

Tata Communications, part of the sprawling Tata conglomerate, is likely to be challenged in any pursuit of CWW by mobile phone giant Vodafone, which said last month that it was also considering a bid.

Shares in Tata Communications rose 4.9 percent to a high of 244.2 rupees on the Bombay Stock Exchange yesterday morning. The company was unavailable for comment when contacted by Agence France-Presse.