Tata Teleservices is in advance level of talks with international mobile roaming service provider, Matrix Cellular, says an ET report. Tata Tele came into picture after Matrix’s talks with Essar Group failed to reach any headway, adds the report.

The report quotes its source said that Tata Tele will initially have 15 % stake in the JV to be gradually increased to 75 %. Matrix is reported to be valued at Rs 350 crore. But this valuation may scale down amidst the current scenario where the need for international travelling cards may be on a downturn owing to drop in international travellers.

Lazard is advising Tata Teleservices on the deal.