Telecom Tower Sale in Limbo as TCIL Calls for Fresh Bidding Process
The sale of 3,400 mobile towers by Bharti Airtel and Bharti Hexacom to Indus Towers has been put on hold due to a lack of consultation with Telecommunications Consultants India (TCIL). A new bidding process will be initiated to ensure transparency, following TCIL's demand for open participation.
- Country:
- India
The proposed sale of 3,400 mobile towers to Indus Towers by Bharti Airtel and Bharti Hexacom has hit a roadblock after failing to consult Telecommunications Consultants India (TCIL). This oversight led TCIL, which holds a 15% stake in Bharti Hexacom, to advocate for a new, transparent bidding process.
Initially, Bharti Airtel and its board greenlit the transaction, valuing the telecom towers at Rs 2,147.6 crore and Rs 1,134 crore. However, TCIL has insisted that other industry players be allowed to participate, aiming for a more competitive and open bidding environment.
An Airtel spokesperson confirmed the temporary halt of the sale, acknowledging TCIL's significant minority interest and the company's commitment to corporate transparency. The process will be restarted to align with governance standards and will consider the broader market context.
(With inputs from agencies.)
Google News