Bharti Airtel Services, a wholly-owned subsidiary of Bharti Airtel, has entered into an agreement to acquire 49.45 lakh shares, or 97.1 percent of Beetel Teletech, another Bharti Group firm. The acquisition cost Rs 669 crore, according to the filing, and is part of the company's strategy to enable indigenisation initiatives within its own ecosystem of
telecom products in line with the Government's 'Make In India' policy, as well as add distribution and service capabilities (including system integration) primarily for the
enterprise business.
"...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 per cent stake in another Bharti Group company, Beetel Teletech Limited, which also has 49 per cent stake in Joint Venture having two manufacturing facilities which produce telecom and networking products including those qualifying for Production Linked Incentive (PLI) Scheme," the filing said adding that this is a cash transaction. Consequently, Beetel will become a subsidiary of the company.
The acquisition is a related party transaction in terms of the provisions of SEBI listing regulations. Bharti Group companies namely Bharti Enterprises (Holding) Private Limited, Bharti (RM) Holdings Private Limited, Bharti (RBM) Holdings Private Limited and Bharti (LM) Enterprises Private Limited hold 97.1 per cent stake in Beetel, as per economic times
It is engaged in designing and delivering
technical solutions and services, as well as distributing a wide range of products ranging from IT peripherals,
network and enterprise solutions, fixed landlines, and mobile accessories, on the strength of its in-house technical capabilities, relationships with global OEMs, and channel composed of a large number of channel partners, distributors, and retailers.
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