SBI Caps may submit report on Bharti Hexacom by end of year

SBI Capital Markets is likely to submit a report on valuation of Bharti Hexacom, a JV between Bharti Airtel and TCIL, by the end of this year, a top official of the state-run firm said today.

TCIL plans to sell its stake in Bharti Hexacom and SBI Capital Markets has been appointed as consultants to recommend valuation of the company.

Bharti Hexacom is a joint venture between Bharti Airtel and state-owned Telecommunication Consultants of India (TCIL). Bharti owns a 70% stake in the JV and the remaining 30% is held by TCIL.

"We feel that they should complete by the end of this year," TCIL CMD Vimal Wakhlu said here.

Bharti Hexacom offers services in Rajasthan and six north eastern states (excluding Assam).

Wakhlu, however, said there is no fixed timeline for the stake sale but the process is on.

Bharti Group has also given a dividend of Rs 15 crore for fiscal FY 14.

TCIL is keen to sell its minority stake in Hexacom to raise money as the Telecom Commission had last year shelved its divestment plans.

The Commission, which is also the highest decision body of Department of Telecom, had said that time was not ripe for the divestment.