Government firm to exit joint venture with Bharti

Friday, 28 August 2009, 01:47 Hrs   |    3 Comments
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New Delhi: The government on Thursday allowed the state-owned Telecommunications Consultants to exit from its joint venture with the Bharti group, Bharti Hexacom that operates in the Rajasthan and northeast circles.

The Cabinet Committee on Economic Affairs (CCEA), which gave the approval, however advised the company to exit at the right time to get the best price.

Telecommunications Consultants, a telecom engineering firm, was set up in 1978 under the Department of Telecommunication (DoT) to provide sectoral expertise to developing countries.

Earlier, DoT had sought the government's approval to allow Telecommunications Consultants to offload its entire 30 percent stake in Bharti Hexacom to raise funds for expansion and diversification.

In a statement, the government also said the Bharti group, with a controlling 70 percent stake in the joint venture, refused dividend payout to Telecommunications Consultants or get Bharti Hexacom listed on the stock exchange.

Telecommunications Consultants had forged the joint venture with the Bharti group to enter the cellular services segment.
Source: IANS
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