The Indian government will sell its 30% stake in Bharti Hexacom, according to local reports.
The minister of state for communications and IT, Sachin Pilot, reportedly told the parliament’s lower house, Lok Sabha, that the government has approved the sale…
The Indian government will sell its 30% stake in Bharti Hexacom, according to local reports.
The minister of state for communications and IT, Sachin Pilot, reportedly told the parliament’s lower house, Lok Sabha, that the government has approved the sale in principle.
Bharti Hexacom is 30% owned by the government through Telecom Consultants of India (TCIL), while cellco Bharti Airtel holds 70%.
The JV offers mobile services in Rajasthan and the northeast, with just under 10 million wireless users and 35,000 subscribers for its telemedia services.
Pilot was also quoted saying that the sale should be at the right time to obtain the best price.
Late September, Bharti Airtel and construction group Punj Lloyd announced they had submitted offers to buy TCIL’s stake in Hexacom.
A number of local and foreign companies have also expressed an interest in recent months, according to Hexacom MD RK Upadhyay.
Deloitte Touche Tohmatsu India is acting as financial adviser to TCIL.
