Bharti Airtel Services revealed it has purchased majority control of Bharti Group’s telecoms product maker Beetel Teletech for Rs 6.6 billion (US$79.2 million).
“.we wish to inform you that as a part of group restructuring, Bharti Airtel Services Limited, a wholly-owned subsidiary company of Bharti Airtel Limited has entered into an agreement for acquisition of 49,45,239 equity shares representing 97.1% stake in another Bharti Group company, Beetel Teletech Limited,” Airtel said in a regulatory filing Monday.
Pegging the cost of acquisition at Rs 669 crore, the filing said this acquisition is a part of the company s strategy to enable indigenisation initiatives within its own ecosystem of telecom products in line with the Government s policy of Make In India and add distribution and service capabilities (including system integration) largely for the enterprise business.
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