Bharti Infratel to explore to buy stake in Indus Towers

Bharti Infratel to explore to buy stake in Indus Towers”

Bharti Infratel chairman Akhil Gupta said the company and Indus Towers (where Bharti Infratel owns 42% stake) are "well positioned" to grab their fair share of market and "create sustainable value for all stakeholders".

In a stock exchange filing on Monday, Bharti Infratel said its board had chose to "explore and evaluate (the) acquisition of (a) stake in one or more tranches in Indus Towers Ltd with the aim of making it a subsidiary or wholly-owned subsidiary" of the company.

Bharti Infratel gained 3.5 percent intraday on Tuesday as investors cheered its decision to buy Indus Towers along with reacting to the September quarter results.

Profit after tax fell to Rs 6.38 billion ($98.40 million) in the quarter ended September 30, from Rs 7.74 billion a year earlier, the company said on Monday. Both the companies jointly command 40.8 per cent market share in terms of installed mobile tower base in the country.

The move comes at a time when its joint venture partners in Indus Towers-Vodafone and Idea Cellular in the process of merging their mobile business and exploring option to exit from telecom tower business.

The net profit stood at about Rs774 crore in the same quarter last fiscal. The stock traded above its 50 DMA.

Private equity firm KKR & Co LP and Canada Pension Plan Investment Board (CPPIB) in March agreed to buy just over a 10 percent stake in Bharti Infratel, which is majority owned by biggest Indian telecoms carrier Bharti Airtel.

The company reported strong energy margin and the rental revenue per tenant declined 2 percent QoQ with lower loading.

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