New Delhi: Singapore-based telecom company Singtel has said Bharti Airtel Ltd’s contribution to its profit rose by 6.5% in the third quarter, primarily due to rising subscriber base of the Indian mobile firm and Singapore dollar’s appreciation against the rupee.
Singtel, whose total profit in the quarter fell by 16%, has about 31% stake in Bharti Airtel.
For the quarter ended December, the Indian entity’s contribution to Singtel’s pre-tax profits jumped 6.5% to 224 million Singapore dollars.
UB Group may offload stake in Aventis Pharma
New Delhi: Liquor baron Vijay Mallya’s UB Group is planning to offload its stake in drug firm Aventis Pharma Ltd in India as part of the group’s plans to deleverage selling its non-core investments.
In a presentation to its investors, the group said it planned to sell its non-core investments, including Aventis Pharma within 12 months, although the group has no intention to sell its stake below the existing market price.
When contacted, a UB Group spokesperson said, “We have consistently maintained that non-core investments would be sold. However, the price has to be right. No discussions have taken place yet.”