State-owned Telecommunications Consultants India (TCIL) has reportedly received the go-ahead from the Telecom Commission to exit its 30% stake in local telco Bharti Hexacom.
According to the Economic Times citing a TCIL board member, the…
State-owned Telecommunications Consultants India (TCIL) has reportedly received the go-ahead from the Telecom Commission to exit its 30% stake in local telco Bharti Hexacom.
According to the Economic Times citing a TCIL board member, the government-controlled consultancy will soon appoint an independent adviser to recommend a reserve price for the stake. If approved by the Commission – the highest decision-making body in the telecoms ministry – TCIL will then invite bids later this year, the director was quoted as saying.
Indian giant telco Bharti Airtel has a majority stake in Bharti Hexacom and would have the first right of refusal for the stake sale.
The state tried to exit the investment previously but abandoned the plans in 2011. At the time it was said that the government wanted to keep the investment following improved performance of the business and potentially more attractive valuations following the introduction of 3G services.
The 30% interested had then been valued at about Rs18bn (US$282m) but TCIL is reportedly hopeful to secure a higher valuation this time.
Hexacom has 18 million customers in two of India’s circles, Rajasthan and the Northeast.
TCIL was not immediately available for comment.
