Bharti Hexacom gets shareholders' nod for up to Rs 2,200-cr deal with Indus Towers

New Delhi, Aug 21 (PTI) Bharti Hexacom has received approval from shareholders to carry out related-party transactions of up to Rs 2,200 crore with Indus Towers for sale, purchase and lease of assets and equipment, according to regulatory filings.

The material transaction for which approval was sought included "purchase, sale, exchange, transfer, lease of business asset or assets and, or equipment including passive infrastructure assets to meet its business objectives or requirements" and "selling or otherwise disposing of or leasing, or buying property(ies) to meet its business objectives or requirements", as per the notice of the 30th AGM held on Wednesday.

The Bharti Airtel group firm in a regulatory filing said its resolution "to approve material related party transactions with Indus Towers Limited" has been approved with 88.28 per cent votes.

Shareholders' approval was sought to enter or continue to enter into related-party transactions with Hexacom during FY 2025-26 and FY 2026-27 up to the date of 31st AGM such that the aggregate value of transactions does not exceed Rs 2,200 crore in any financial year, the company said.

Earlier, the company's shareholders at 29th AGM had approved carrying out transactions of up to Rs 1,500 crore.

On March 16, Bharti Hexacom had received approval from majority of shareholders for sale of mobile towers to sister concern Indus Towers for Rs 1,134.1 crore, but the deal has been put on hold after state-owned Telecom Consultants of India (TCIL), which holds a 15 per cent stake in Bharti Hexacom, had opposed the deal citing valuation issues.

A company spokesperson said that the resolution approved in the latest AGM did not include the proposal for Rs 1,134-crore deal with Indus Tower.

The company, in an update on April 9, shared that TCIL had requested to start the process for sale of towers to Indus Tower afresh. PTI PRS HVA