Bharti Hexacom on Wednesday said that it has put on hold the sale of its infrastructure business to Indus Towers on hold
Bharti Hexacom, in a regulatory filing, said," Telecommunications Consultants India Limited (TCIL), a public sector undertaking and a significant shareholder of Bharti Hexacom, has requested the Company to start a fresh process, which meets the requirements of TCIL as a Public Sector Undertaking."
"The management and the Board of Bharti Hexacom remain convinced about the business logic and merit of the proposal, however in keeping with the highest standards of corporate governance and transparency, it has been agreed to put the current proposal in abeyance and undertake a fresh exercise in consultation with TCIL." "Any further development in this regard will be duly informed to all the stakeholders," the statement further added.
Earlier, the boards of Bharti Airtel and Bharti Hexacom have approved the sale of telecom towers for Rs 2,147.6 crore and Rs 1,134 crore, respectively.
Indus Towers also in a regulatory filing, said, "Intimation received from Bharti Hexacom, which has also been communicated by them to the stock exchanges, the sale/transfer of passive infrastructure business undertaking by Bharti Hexacom to the company has been kept in abeyance. Any further development in this regard will be duly informed to the stakeholders."
Indus Towers also informed that it has executed the transaction for the purchase of passive infrastructure business undertaking from Bharti Airtel.
The country's largest telecom infrastructure Indus Towers has a pan-India presence with 234,643 towers and 386,819 co-locations as of December 31, 2024. Both Indus Towers and Bharti Hexacom are subsidiaries of Bharti Airtel.
Shares of Bharti Hexacom settled flat on Wednesday at Rs 1,431 per share on the NSE, up 0.28 percent.
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