Telecom Consultants India Ltd (TCIL) is considering selling of 30% equity in Bharti Hexacom, a mobile service operator in Rajasthan and north-eastern states. Bharti Airtel holds the remaining 70% in the company.
This is second attempt by the company to divest its shares in Bharti Hexacom. In 1995, when the company attempted to sell its equity, it failed in its attempts as it could get an offer of only Rs 251 crore against a reserve price of Rs 521 crore. Bharti Airtel was the sole bidder.
In 2009, the Cabinet Committee on Economic Affairs (CCEA) again approved the sale of equity with the direction that it should be made at the right time to obtain the best price. "With only 30% equity, TCIL does not have any say in the company. There will not be many buyers who will like to buy the equity," said an official of the Department of Telecommunications.
TCIL entered into cellular services in 1995 through Hexacom India Ltd (HIL) and has invested close to Rs 106 crore.
As on March 31, the company had a revenue of R3,430 crore and a profit after tax of Rs 601 crore.