Bharti Tele-Ventures plans overseas listing

Tuesday, 03 June 2003, 19:30 IST
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NEW DELHI: Bharti Tele-Ventures Ltd., one of India's leading private sector telecom services providers, Monday said it would get listed in the U.S. market in the next fiscal year to raise fund for acquisitions. "We are planning a U.S. listing and the size of the listing will exceed $185 million," Sunil Bharti Mittal, chairman of the Bharti group, told a press conference here. Bharti, which floated an initial public offering in the domestic market in February last year, has started the overseas listing process internally, he said, adding details of the proposed issue would be finalised by the yearend. said the proceeds of the listing would be used to part-fund acquisitions and expand its cellular and fixed-line telephone networks across the country. On proposed acquisitions, the Bharti chief said the domestic telecom market would see consolidation in the current fiscal year with many small regional telephone service providers selling their stake to bigger companies. Announcing the crossing of the one million cellular customers mark in the Delhi region, Mittal said the company would invest 1.75 billion on improving its network in the Delhi circle. Bharti offers mobile telephone services in 15 out of 22 telecom circles in India. Its total cellular subscriber base is 3.20 million. The group also provides fixed-line services and Internet access in the domestic market.
Source: IANS
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