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Athens News Agency: News in English, 07-02-07

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] FinMin departs for official visit to India
  • [02] Orascom buys TIM Hellas for 3.4bln euros

  • [01] FinMin departs for official visit to India

    National Economy and Finance Minister George Alogoskoufis, who heads a large business delegation, departed on Wednesday for an official visit to India aimed at promoting bilateral trade relations.

    Alogoskoufis will meet on Thursday with India's Finance Minister Palaniappan Chidambaram and afterwards he is scheduled to address the country's leading entrepreneurs in a conference organised by the Hellenic Foreign Trade Board (HEPO) and the Federation of Indian Chambers of Commerce and Industry (FICCI).

    The Greek minister will also meet with Indian Minister of External Affairs Pranab Mukherjee, while the Greek business delegation's members will meet with Indian.

    On Friday, Alogoskoufis will meet with Indian reporters and afterwards he will hold a meeting with India's Commerce and Industry Minister Kamal Nath. Later in the afternoon of the same day, he will give a press conference and attend the signing of a memorandum of cooperation between the Federation of Greek Industries (SEB) and the Confederation of Indian Industry, CII.

    [02] Orascom buys TIM Hellas for 3.4bln euros

    Orascom Group on Thursday announced the purchase of TIM Hellas from APAX Partners and TPG (Texas Pacific Group) for 3.4 billion euros.

    Orascom, whose main shareholder is Egyptian businessman N. Sawiris, holds a large equity stake in Tellas -- a telecoms provider in Greece in which Public Power Corp. (PPC) has a majority stake. After completion of the purchase, including both TIM Hellas and Q-Telecom, Orascom will own a powerful telecommunications organisation, offering both mobile and fixed-telephony services to million of customers in Greece.

    Socrates Kominakis, TIM Hellas' chief executive, said the company has developed significantly over the last two years and added that "the dedication of both staff and management in implementing a new strategy has changed the status of mobile telephony in Greece and established TIM as one of the leading players in the sector".

    APAX and TPG bought TIM Hellas from Telecom Italia for 1.6 billion euros in June 2005. In January 2006, the joint venture purchased Q-Telecom, the fourth and smallest mobile telephony operator in Greece, from Info-Quest for 360 million euros.

    Caption: TIM's new logo as seen in this file photo dated Tuesday, 3 February 2004. TIM was formerly Telestet. ANA-MPA / A. Beltes


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