State-owned telecom consultancy and engineering firm TCIL (Telecommunications Consultants India Ltd) has invited RFPs or requests for proposals for advisory and consultancy services to determine the value of its stake in Bharti Hexacom Ltd (BHL), multiple industry sources with knowledge of the matter told Moneycontrol.
According to one of the persons cited above, the RFP says that TCIL (which falls under the administrative control of the DOT i.e Department of Telecommunications), intends to offload its equity in BHL and is therefore looking to appoint a firm to evaluate the shareholding value of TCIL in BHL.
All the three persons above spoke to Moneycontrol on the condition of anonymity.
TCIL holds a 30 percent stake in Bharti Hexacom Ltd, while the balance 70 percent stake is held by Bharti Airtel. Reports have indicated that Bharti Airtel has the right of first refusal for TCIL’s stake. The proposed deal has seen various twists and turns for over a decade, including deferrals and unsuccessful sale attempts due to a mismatch in valuation.
Email queries sent by Moneycontrol to TCIL, Bharti Airtel and PIB were left unanswered at the time of publishing this article. Moneycontrol has sent an email query to DOT and could not elicit an immediate comment. This article will be updated as soon as we hear from these parties.
Bharti Hexacom provides mobile and broadband services in Rajasthan and the North East region. It has extended its telecom consultancy and turnkey project execution services to telecom operators and bulk users in India and 80 other countries in the Middle East, Africa, and other parts of Asia. During FY20-21, the firm registered a turnover of Rs 5,494 crore and a profit before tax of Rs 1,674.6 crore. Moneycontrol