Bharti Hexacom Ltd has this day decided to put on hold the sale of its infrastructure business to Indus Towers. The move follows a request made by Telecommunications Consultants India Limited (TCIL), a public sector undertaking and a major shareholder in Bharti Hexacom, to the company to start a new process for the sale as per the requirements of TCIL as a public sector undertaking.
In a filing with the regulator, Bharti Hexacom said, "The Board and management remain convinced of the business logic and merit of the proposal. However, in accordance with the best practices of corporate governance and transparency, it has been decided to place the existing proposal in abeyance and to conduct a fresh exercise in consultation with TCIL." The company told stakeholders that developments would be notified at the earliest.
Earlier, Bharti Airtel and Bharti Hexacom boards had cleared the sale of telecom towers for ₹2,147.6 crore and ₹1,134 crore, respectively. Indus Towers also confirmed that it had received notification from Bharti Hexacom regarding putting on hold the sale/transfer of its passive infrastructure business.
Indus Towers, India's largest telecommunication infrastructure company with 234,643 towers and 386,819 co-locations as of 31 December 2024, stated that it has signed a deal to acquire Bharti Airtel's passive infrastructure business. Bharti Hexacom and Indus Towers are both units of Bharti Airtel.
Bharti Hexacom shares closed at ₹1,431 per share on Wednesday at NSE with a marginal rise of 0.28%.
Source: Moneycontrol
Source: MoneycontrolBharti Hexacom Ltd has this day decided to put on hold the sale of its infrastructure business to Indus Towers. The move follows a request made by Telecommunications Consultants India Limited (TCIL), a public sector undertaking and a major shareholder in Bharti Hexacom, to the company to start a new process for the sale as per the requirements of TCIL as a public sector undertaking.
In a filing with the regulator, Bharti Hexacom said, "The Board and management remain convinced of the business logic and merit of the proposal. However, in accordance with the best practices of corporate governance and transparency, it has been decided to place the existing proposal in abeyance and to conduct a fresh exercise in consultation with TCIL." The company told stakeholders that developments would be notified at the earliest.
Earlier, Bharti Airtel and Bharti Hexacom boards had cleared the sale of telecom towers for ₹2,147.6 crore and ₹1,134 crore, respectively. Indus Towers also confirmed that it had received notification from Bharti Hexacom regarding putting on hold the sale/transfer of its passive infrastructure business.
Indus Towers, India's largest telecommunication infrastructure company with 234,643 towers and 386,819 co-locations as of 31 December 2024, stated that it has signed a deal to acquire Bharti Airtel's passive infrastructure business. Bharti Hexacom and Indus Towers are both units of Bharti Airtel.
Bharti Hexacom shares closed at ₹1,431 per share on Wednesday at NSE with a marginal rise of 0.28%.
Source: Moneycontrol
