Bharti Airtel Ltd’s tower subsidiary, Bharti Infratel, has filed its draft red herring prospectus for its public issue that would see part exits by financial investors including Singapore’s sovereign wealth fund Temasek, Goldman Sachs and Japanese financial services group Nomura.
Telecom business, as well as the telecom tower business, have not seen valuations bounce back to pre-market-crash days. As new competitors brought in price competition in the telecom business, revenue and profit growth stalled. Although most of the new telcos stand to lose their licences amid alleged multi-billion-dollar scam, it would take time for incumbents like Bharti Airtel to benefit as tariffs have budged up only marginally. Full story
