×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Airtel to list JV to provide TCIL with exit option

Airtel to list JV to provide TCIL with exit option
Comment E-mail Print Share
First Published: Fri, Jul 15 2011. 02 46 PM IST
Updated: Fri, Jul 15 2011. 02 46 PM IST
New Delhi: Bharti Airtel Ltd has offered to list its Bharti Hexacom unit, which offers mobile services in six northeastern states (excluding Assam) and Rajasthan, to provide an exit option to its minority joint venture partner, the state owned Telecom Consultants of India Ltd (TCIL), Economic Times reported on Friday, citing telecom department officials.
Telecom Consultants of India has a 30% stake in Bharti Hexacom and has been seeking to sell its shares for the last couple of years, the newspaper said.
The government had invited bids to sell its stake last year after Deloitte had fixed a base price of Rs1,800 crore for the stake, the report said. But the sale process was put on hold after the Cabinet secretary had sought that the base price be re-evaluated following complaints that it was too low especially considering that Hexacom had a turnover of over Rs 1,700 crore and profit of over Rs 400 crore in 2010, it said.
Comment E-mail Print Share
First Published: Fri, Jul 15 2011. 02 46 PM IST
More Topics: Bharti Airtel | Telecom | JV | Hexacom | TCIL |