Bharti Tele Ventures announces agreement with Vodafone
Televisionpoint.com Team
Bharti Tele Ventures has announced that Vodafone Group has secured around 10% interest in the Company. Vodafone, through Vodafone Mauritius, has contracted to subscribe shares in Bharti Enterprises, giving it a beneficial stake in the Company of 4.4%. In addition Vodafone, through Vodafone International Holdings BV, has also picked up 5.65% stake from Warburg Pincus, thereby taking the total beneficial interest in the Company to around 10%.
Vodafone has made a total investment of approximately RS 67,000/- million (approximately USD 1.5 BN) to acquire around 10% interest in the Company, including the acquisition of shares held by Warburg Pincus. Bharti Enterprises maintains a controlling interest of 45.9% in the Company through its subsidiary, Bharti Telecom Ltd. With the final sale of its stake, Warburg Pincus has now completely exited its position in the Company.
Commenting on this historic development in the Indian telecom market, MR Sunil Bharti Mittal, Chairman & Group Managing Director of the Company said "We are delighted that Vodafone has made a call on the Indian telecom sector and has chosen BTVL to be the vehicle to develop its continued interest in the Asian region. Bharti has had the privilege of tying up with 'best in class', blue chip companies, from around the world who have come and joined hands with Bharti, at different stages, to develop the telecom sector in India."
"At the time when the western world started hanging up on India, it brought in Asia's telecom powerhouse, SingTel, to replace Telecom Italia and British Telecom. SingTel helped Bharti with the capital and strategy to grow from a midsize telecom operator into India's largest telecom company. Warburg Pincus, making its second largest investment in the history of the firm, supported the company in developing the strategy and investor focus, in its public listing and in the process making Bharti one of the best investments ever undertaken by Warburg Pincus around the world." He added.
"Today, when Bharti stands on the threshold of being an Asian telecom powerhouse, it has tied up with Vodafone to take the company to the next level and to support Bharti in achieving its vision of making Airtel the most admired brand in India. Bharti is fortunate to have four strong pillars to achieve its vision. The entrepreneurial leadership of Bharti Enterprises, the Asian telecom powerhouse - SingTel which will continue to be our leading partner, the world's largest telecom operator - Vodafone and, the most important one, a world-class management team." Mittal says.
Bharti Tele Ventures has announced that Vodafone Group has secured around 10% interest in the Company. Vodafone, through Vodafone Mauritius, has contracted to subscribe shares in Bharti Enterprises, giving it a beneficial stake in the Company of 4.4%. In addition Vodafone, through Vodafone International Holdings BV, has also picked up 5.65% stake from Warburg Pincus, thereby taking the total beneficial interest in the Company to around 10%.
Vodafone has made a total investment of approximately RS 67,000/- million (approximately USD 1.5 BN) to acquire around 10% interest in the Company, including the acquisition of shares held by Warburg Pincus. Bharti Enterprises maintains a controlling interest of 45.9% in the Company through its subsidiary, Bharti Telecom Ltd. With the final sale of its stake, Warburg Pincus has now completely exited its position in the Company.
Commenting on this historic development in the Indian telecom market, MR Sunil Bharti Mittal, Chairman & Group Managing Director of the Company said "We are delighted that Vodafone has made a call on the Indian telecom sector and has chosen BTVL to be the vehicle to develop its continued interest in the Asian region. Bharti has had the privilege of tying up with 'best in class', blue chip companies, from around the world who have come and joined hands with Bharti, at different stages, to develop the telecom sector in India."
"At the time when the western world started hanging up on India, it brought in Asia's telecom powerhouse, SingTel, to replace Telecom Italia and British Telecom. SingTel helped Bharti with the capital and strategy to grow from a midsize telecom operator into India's largest telecom company. Warburg Pincus, making its second largest investment in the history of the firm, supported the company in developing the strategy and investor focus, in its public listing and in the process making Bharti one of the best investments ever undertaken by Warburg Pincus around the world." He added.
"Today, when Bharti stands on the threshold of being an Asian telecom powerhouse, it has tied up with Vodafone to take the company to the next level and to support Bharti in achieving its vision of making Airtel the most admired brand in India. Bharti is fortunate to have four strong pillars to achieve its vision. The entrepreneurial leadership of Bharti Enterprises, the Asian telecom powerhouse - SingTel which will continue to be our leading partner, the world's largest telecom operator - Vodafone and, the most important one, a world-class management team." Mittal says.
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