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Airtel To Buy 20% Stake In Warburg Pincus DTH Arm; Aiming At One Home Strategy
Airtel is shifting its focus on digital services as it is acquiring a 20 percent stake in Warburg Pincus affiliate's DTH arm Bharti Telemedia. The telecom operator is planning to spend Rs. 3,126 crore to purchase the 20 percent stake. The whole amount will be paid in the form of equity shares.
Airtel said that this proposed transaction will line up the shareholding of all customer business and services and will also allow Airtel to promote the One Home strategy. "We will issue shares to the Warburg Pincus affiliate at a premium of 0.50 percent to the floor price determined as per ICDR regulations. The remaining consideration of Rs. 9,378 million shall be paid in cash on the closing date of the proposed transaction," the operator said.
Airtel Board Meeting Outcomes: Details
Meanwhile, Airtel is planning to set up a new panel so that it can estimate its restructuring process along with its shareholding in its subsidiaries as it is increasing its focus on non-telecom business. The restructuring will enable Airtel to consolidate its position along with subsidiary companies.
Setting up a new panel to restructure business seems that the company wants to follow the Jio Platforms and wants to increase its digital business. For the unaware, Airtel's digital business includes Xstream business, Wynk Music, and payment business. The company has also approached RBI to set up a small bank in the country.
Airtel Also Plans To Invest In Cell Sites
Meanwhile, the telecom operator is planning to invest in fiber, FTTH, and cell sites business in 2021 as it believes that the worst is over after posting profits in the Q3 results. Furthermore, Sunil Mittal, founder, and chairperson of Bharti Airtel said that the telecom operator plans to set up 20,000 to 30,000 cell sites in 2021. He also pointed out that they will invest in Direct-to-Home (DTH) arm, data centers, Digital televisions, and in the 5G network this year.
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21,999
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1,04,999
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44,999
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64,999
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54,535
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1,19,900
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54,999
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86,999
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59,499
-
49,990
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20,699
-
49,999
-
11,499
-
54,999
-
7,999
-
8,980
-
17,091
-
10,999
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34,999
-
39,600
-
15,018
-
7,630
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15,900
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13,250
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13,505
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30,460
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8,676
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28,000
-
22,000
-
17,985