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January 3, 2008 |
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BHARTI AIRTEL: Temasek et al. to Invest US$1 Billion in Infratel International investors agreed to invest US$1 billion in Bharti Infratel, a wholly owned subsidiary of Bharti Airtel Ltd, a filing with the Bombay Stock Exchange discloses. The investors are: -- Temasek Holdings, -- The Investment Corporation of Dubai, -- Goldman Sachs, -- Macquarie, -- AIF Capital, -- Citigroup & India Equity Partners Temasek Holdings, Singapore government's investment arm, is the largest investor among the six. The enterprise valuation has been agreed to be in the range of US$10-12.5 billion, and the final valuation, within this range, will be determined on the basis of Bharti Infratel's actual operating performance in FY 2008-09. “This placement highlights the confidence of leading global investors in the Indian telecom sector, which is now the fastest growing telecom market in the world and the Bharti Group,” the BSE filing stated. “It is also an endorsement of the Government's visionary policy on sharing of passive infrastructure.” Bharti Infratel owns close to 20,000 sites and holds approximately 42% stake in Indus Towers, the recently announced joint venture between Bharti, Vodafone and Idea, which has over 70,000 sites. Bharti Infratel and Indus Towers will provide passive infrastructure services to all wireless telecom operators in India on a non-discriminatory basis. Sharing of passive infrastructure results in capex and opex savings and higher capital efficiency for all wireless operators, enabling quicker roll out of services especially in rural areas, thus benefiting millions of people across India. About Bharti Airtel Headquartered in New Delhi, India, -- http://www.bhartiairtel.in -- is a telecom services provider. The company has three business units: Mobile Services, Broadband & Telephone Services (B&TS) and Enterprise Services. * * * Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel Limited's Long-term foreign currency Issuer Default Rating at 'BB+'. The Outlook on the rating is Stable. |
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