Financial Daily from THE HINDU group of publications
Tuesday, Dec 10, 2002
Financial Daily from THE HINDU group of publications Tuesday, Dec 10, 2002 |
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Telecommunications Info-Tech - Mergers & Acquisitions Bharti Tele to merge 3 cos Our Bureau
NEW DELHI, Dec. 9 BHARTI TeleVentures Ltd has decided to merge its fixed line, long-distance, broadband and VSAT companies into a single entity called Bharti Infotel Ltd to achieve business synergies through consolidation. Currently, the company offers fixed line services through its subsidiary, Bharti Telenet Ltd, and international and national long-distance through Bharti Telesonic Ltd. Broadband, Internet and VSAT operations are offered through Bharti Broadband Networks Ltd. These companies would now be merged to form Bharti Infotel after obtaining the necessary approvals, Bharti said in a statement here. The new company will be a 100 per cent subsidiary of Bharti TeleVentures. The three businesses would be managed as independent SBUs under respective CEOs, Bharti said. Mr Badri Agarwal will be the President of Bharti Infotel Ltd, with the CEOs of each independent SBU reporting to him. The long-distance services, offered under the IndiaOne brand, will continue to be headed by Mr N. Arjun, while Mr Ashok Juneja will head the broadband services SBU.The fixed line circles would be headed by their respective CEOs. In September last year, Bharti had clubbed together its non-mobile businesses under a new group called the `Infotel Leaders.'
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