TCIL kept out of valuation process of Bharti Hexacom tower sale to Indus; fresh deal in the works

New Delhi, May 6 (PTI) State-run Telecommunications Consultants India (TCIL) was not consulted in the valuation process for the sale of 3,400 mobile towers to Indus Towers for Rs 1,134 crore, and a fresh deal is being worked out, a government source said.

Bharti Airtel and Bharti Hexacom board approved sale of their firms' telecom towers for Rs 2,147.6 crore and Rs 1,134 crore, respectively, to their group company Indus Towers in the first week of February.

The deal is being worked out afresh and TCIL has now been engaged in the process, the source said.

"TCIL was not kept in loop about sale of Bharti Hexacom mobile towers to Indus Towers. The deal was limited for transactions among group firms only. TCIL wants the sale to take place through an open bidding process where other players can also participate," the source said.

TCIL holds a 15 per cent stake in Bharti Hexacom -- a subsidiary of Bharti Airtel.

An Airtel spokesperson said the company remains convinced about the business logic and merits of the proposal, which also received endorsement and strong support from our shareholders and proxy agencies.

"However, in line with transparency and robust corporate governance, we have agreed to put the current proposal in abeyance and initiate a fresh process as required by our significant minority shareholder TCIL," the spokesperson said. PTI PRS TRB