New Delhi, February 12, 2007: Pursuant to Vodafone acquiring a controlling interest in Hutchison Essar Limited, Bharti Group has an arrangement to buy the 5.6% direct interest of Vodafone in Bharti Airtel Limited for US$1.6 billion, on a deferred payment basis.
Vodafone will continue to hold an indirect 4.4% economic interest in Bharti Airtel Limited, as a financial investor and will not have any representation on the Bharti Airtel board nor any management rights.
About Bharti Enterprises
Bharti Enterprises is one of India’s leading business groups with interests in telecom, agri business, insurance and retail. Bharti has been a pioneering force in the telecom sector with many firsts and innovations to its credit. Bharti Airtel Limited, a group company, is one of India’s leading private sector providers of telecommunications services with an aggregate of 35.51 million customers as of end of January‘07, spanning mobile, fixed line, broadband and enterprise services. Bharti Airtel was recently ranked amongst the top 10 best performing companies in the world in the BusinessWeek IT 100 list. Bharti is the country’s largest manufacturer and exporter of telephone terminals. Bharti has a joint venture with ELRo Holdings India Ltd. – ‘FieldFresh Foods Pvt. Ltd’ - for global distribution of fresh fruits and vegetables. Bharti also has a joint venture - ‘Bharti AXA Life Insurance Company Ltd.’ - with AXA, world leader in financial protection and wealth management. Bharti has recently forayed into retail business and signed an MOU with the world’s largest retailer Wal-Mart.