Intel to pick up 20% stake in Bharti's V-sat, Net holding co
bhartibt.com
Sharad Goel
NEW DELHI 1 OCTOBER
INTEL, the world's largest chip manufacturer, has decided to pick up a 20 per cent stake in Bharti Telespatiale, the holding company for the Bharti group's VSAT and Internet ventures. This, besides being the US-based chip-maker?s first equity investment in any Indian company, is also believed to be its largest in the country so far.
So far, Intel has funded infrastructure expansions of 4 Indian companies - Avigna Techno-logies, ESS Software, Rediff and Network Solutions - but has not acquired equity in these companies, said Intel officials.
While Intel does not plan to take a seat on the board of Bharti Telespatiale, it will function as an observer on the board. Sources say the Mittals would invite an Intel nominee on the board.
Bharti Telecom, which holds 100 per cent equity in Bharti Telespatiale, would continue to be the largest shareholder in the company after the divestment.
Further details of the transaction could not be ascertained as Bharti officials could not be contacted despite repeated attempts.
Bharti Telespatiale holds a 51 per cent stake in Bharti BT Internet an Internet company, and Bharti VSAT, the Rs 25-crore VSAT venture. Bharti BT Internet has launched its services under the brand name Mantra-online.
The divestment by the Bharti group, say sources, follows the group's aggressive strategy to expand its Internet business in the country.
The company plans to go in for an aggressive expansion strategy after the deal is concluded and would be launching its services in five cities - Calcutta, Chennai, Hyderabad, Pune and Ahmedabad. Besides, it will also appoint franchisees in other Indian cities.
Intel's focus on the Internet market gained momentum after it launched the Pentium-III range of processors which, claims Intel, improves the Internet experience. According to Intel's policy, the company does not disclose amounts and other financial details of its investments in non-public companies, nor does it reveal the nature of its agreement with the invested company.
Sources said Intel has investments in a variety of segments and technologies and would continue to look at areas of potential interest for investment.
(ETonline)
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Thursday, January 14, 1999
Bharti Telecom to be delisted
PRESS TRUST OF INDIA
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NEW DELHI, JAN 13: Bharti Telecom has decided to delist its shares from various stock exchanges after the promoters increased their holding to 92 per cent through its second open offer that ended last week.
"We have obtained about 92 per cent stake consequent to this offer and will apply to stock exchanges soon to delist the shares," Akhil Gupta, director (corporate) of Bharti Telecom said today.
The second open offer to buy the company's shares by the Mittals of Bharti group closed on January 5. Gupta said the company was able to get the nine per cent stake held by Chennai-based Sterling Horticulture Limited through the offer.
The offer, priced at Rs 96 per share, was made by the two group companies, Bharti Enterprises and its fully-owned subsidiary Bharti Global. After the open offer, the second in succession, the holding of Mittals has gone up to 92 per cent through their group companies - Bharti Enterprises and Bharti Global. The remaining eight per cent shares are with the public. |
