Indian telco Bharti Airtel and construction group Punj Lloyd have submitted offers to buy Telecommunications Communications India’s (TCI) 30% stake in Bharti Hexacom, the two companies told Dow Jones Newswire.
Bharti Hexacom is 30% owned by the…
Indian telco Bharti Airtel and construction group Punj Lloyd have submitted offers to buy Telecommunications Communications India’s (TCI) 30% stake in Bharti Hexacom, the two companies told Dow Jones Newswire.
Bharti Hexacom is 30% owned by the government through TCI, while Bharti Airtel holds the rest. 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.
A number of local and foreign companies have expressed an interest in recent months, according to Hexacom MD RK Upadhyay. Deloitte Touche Tohmatsu India is acting as financial adviser to TCI.
Late last year, the Cabinet Committee on Economic Affairs gave its blessing to the sale, saying that it was “the right time” in order to extract the highest possible value.
