Financial Daily from THE HINDU group of publications
Saturday, Dec 13, 2003

News
Features
Stocks
Port Info
Archives

Group Sites

Home Page - Telecommunications
Corporate - Mergers & Acquisitions


Bharti Tele to acquire 27 pc stake in Hexacom

Our Bureau

New Delhi , Dec. 12

TELECOM behemoth Bharti TeleVentures Ltd, which is seeking to expand its cellular footprint across the country, has reached an agreement with Telesystem (Mauritius) Pvt Ltd, a subsidiary of Telesystem International Wireless Inc (TIW), Canada, to buy its 27.5 per cent equity in Hexacom India Ltd, which operates the cellular licence in Rajasthan.

According to a company statement, the acquisition has been valued at approximately Rs 102 crore ($22.5 million). The agreement is subject to certain regulatory and other approvals and Right of First Refusal with other shareholders.

Hexacom operates the GSM network in Rajasthan and had over 2 lakh customers as on November 30, 2003. While the majority stake in the company is held by Shyam Telecom (40 per cent), Telecom Consultants India (TCIL), a public sector enterprise, holds 30 per cent stake; the remaining is being held by TIW. Once the acquisition is completed, Bharti will be a minority stakeholder.

The company will now seek to buy out TCIL, which for long has been looking to exit the venture.

"If all the conditions as aforesaid are met, the sale pursuant to this agreement is scheduled to close within the next two months. Bharti also intends to consolidate its stake in Hexacom as and when an appropriate opportunity comes its way. This would give Bharti a presence in Rajasthan, thereby expanding its footprint to 16 circles," Bharti has noted in its statement.

Article E-Mail :: Comment :: Syndication

Stories in this Section
Bharti Tele to acquire 27 pc stake in Hexacom


Good ride for cars in Nov; sales up 41 pc
Non-payment of additional deposit — Regulator stops BSES from cutting supply
Current stock boom secular, says Jaswant — `No need for Govt intervention'
PM visualises a single currency for S. Asia
Pvt lenders still rule rural side


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |

Copyright 2003, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line