Almost a year after reviving plans to sell a stake in Indian operator Bharti Hexacom, state-owned Telecom Consultants of India (TCIL) is close to naming a consultant to help it in the process.
TCIL managing director Vimal Wakhlu told the Economic…
Almost a year after reviving plans to sell a stake in Indian operator Bharti Hexacom, state-owned Telecom Consultants of India (TCIL) is close to naming a consultant to help it in the process.
TCIL managing director Vimal Wakhlu told the Economic Times that he is hopeful the government will expedite the sale process, which has been in the pipeline since 2009.
The state-owned firm abandoned plans to exit its 30% stake in 2011 following improved performance of the business and potentially more attractive valuations following the introduction of 3G services.
But in July last year, the Indian government said it was reconsidering a sale, which will help the engineering and consultancy company generate cash to meet its capex and opex needs and execute new projects, the report said.
At the time, the 30% stake was estimated at around Rs18bn (US$280m) but TCIL has been hoping to secure a higher valuation.
Hexacom has 18 million customers in two of India’s circles, Rajasthan and Northeast. It is majority owned by telecoms giant Bharti Airtel, which has the right of first refusal in case of a sale by the state.
