The Telecom Commission had cleared the planned exit of Telecommunication Consultants India from Bharti Hexacom. The planned exit was for the company to raise cash to meet its capital expenditure needs.
According to a board member of the Telecommunication Consultants (TCIL), the company would shortly appoint an independent advisor to recommend a reserve price. This was for its 30% stake in Bharti Hexacom. The board member told ET, "If the new reserve price is cleared by Telecom Commission, the advisor will invite bids later this year from potential buyers of TCIL's 30 per cent holding in Hexacom." The board member spoke in condition of anonymity as the details of the exit was held private in nature.
Bharti Airtel declined to give any comments when asked on whether it is open to buying out TCIL's 30% stake.
However, TCIL had been hopeful of getting a higher net valuation of its Bharti Hexacom stake. This was after a rollout of 3G mobile services by the Bharti group.
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