IFC plans to pick up stake

in Bharti Televenture

NEW DELHI, APRIL 1. International Finance Corporation (IFC) is planning to invest $20 million in Bharti Televentures, for picking up about one per cent stake in the telecom company.

"IFC is planning to invest about $20 million in Bharti Televentures, for which it would pick up about one per cent stake in the Bharti," company sources told PTI.

The amount would be used by Bharti for further expansion of services in the telecom sector. The company has already approached the Government with the proposal, company officials said. Besides the equity component, Bharti has also approached IFC for a debt of about $50 million.``The debt would be taken by Bharti Mobile and utilised for expanding its mobile network," they said.

The group recently secured a Rs. 200 crores debt from Infrastructure Development Finance Corporation (IDFC) for expanding the existing cellular network in various circles as well as for fresh investment in the basic telephony.

The amount tied-up from IDFC as debt was to be pumped into network expansion in existing as well as new circles.

Bharti group, which has recently embarked on an exercise to unify the stakeholders of its smaller group companies, is moving them to the parent company, Bharti Televentures. As part of the plans, investors of New York Life international and AIF, who held equity in Bharti Cellular, have already been moved to the parent company.

The group is now working out details for restructuring the equity pattern with regard to two major partners Telia of Sweden, which holds 26 per cent stake in Bharti Mobile, and BT, which has announced its plans to exit the venture although it is yet to send a formal communication to Bharti regarding the issue.

Bharti currently offers cellular services in Delhi, Himachal Pradesh, Andhra Pradesh and Karnataka.

- PTI

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