Airtel Rubbishes Reports About Selling Its Stakes

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Airtel has denied a news report claiming that there were proposals to sell some stakes of the company. The declaration was made in response to a report in ET that Softbank is likely to acquire a stake in Airtel.

No Plans to Sell Stake: Airtel

 

In a statement to the stock exchange, the company clarified that at this juncture, there is no proposal for sale of a stake in Bharti Airtel, either directly or indirectly.

The statement goes on to say that the story covered by the media house was nothing more than a "speculative news item."

The statement comes a week after ET reported that Sunil Mittal-owned Bharti Airtel had applied for approval of 100 percent Foreign Direct Investment as promoter companies under Bharti Airtel and other companies like Singtel could be planning to infuse capital into the Bharti Telecom holding company.

According to a report, Singtel owns 48 percent in Bharti Telecom and the rest of the stake is held by Mittal including some foreign entity. Bharti Telecom owns about only 41 percent in Airtel. And if there is an infusion of equity in Airtel's parent company, then foreign investments in the company would increase to 85 percent. However, this would require government approval.

Fitch Retains Airtel's Ratings At BBB-, outlook stable

Rating agency Moody has retained its ratings on Bharti Airtel at BBB- along with a stable outlook, citing that it is unlikely the company will further drop its tariff.

Fitch further pointed out that Bharti Airtel will increase its home market mobile revenue market share to 35-36 percent, on completion of its acquisition of Tata Tele, despite the high competitive intensity. The firm also forecasts that both revenue, as well as operating profit of Airtel, will remain flat.

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