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    Bharti Tele-Ventures announces Rs. 45 as the floor price for its IPO
       Bharti Tele-Ventures launches its maiden IPO. 
       Announces issue opening on 28 January, 2002 and issue closing on 2 February, 2002. 
       Heralds a new innovation through a 100% bookbuilding process. 
       To offer 18.53 crores equity shares  of face value Rs.10/- each. 




    New Delhi, January 23, 2002: Bharti Tele-Ventures Limited (BTVL), India’s 
    leading private sector provider of telecommunications services based on an
    aggregate of approximately 1,340,000 customers as of November 30, 2001 
    today announced a floor price of Rs. 45 (face value Rs.10/- for each share) 
    for its 100 per cent bookbuilding initial public offering (IPO) 
    This announcement was made by senior Bharti Tele-Ventures officials in the 
    presence of senior officials from its book running lead managers  - 
    JM Morgan Stanley and DSP Merrill Lynch simultaneously at Mumbai and Delhi.

    This first ever 100% bookbuilding issue will open for bidding from January 28, 2002 for six days and will close on February 2, 2002.  The floor price 
    announced is the minimum price at which bids can be made.

    Bharti Tele-Ventures further announced that it would offer 18.53 crores equity  shares of face value Rs.10/- each, representing for 10% of the post equity share capital.  Of this, a minimum of 60% have to be subscribed by qualified  institutional buyers (QIBs).

    Bharti Tele-Ventures is embarking on a major expansion plan in the next few  years and will be setting up cellular services in nine additional circles, four  fixed line circles and national  and international long distance services.

    With the launch of the IPO, Bharti Tele-Ventures also announced that it will
    open bidding centers in all the 20 cities that have a Stock Exchange and that bids could be made in a minimum of 100 equity shares and in multiples of 
    100 equity shares thereafter. 

    Bids more than 1000 equity shares would be considered for allocation under 
    the non-institutional investor category.  To participate in the bidding process,
    it would be mandatory for the investor to have a dematerialized account.  The  company also announced that the investors through this bookbuilding process  can now bid at any price on or above the floor price in multiples of Re. 1/-. 

    According to Chairman and Group Managing Director, Bharti Tele-Ventures, 
    Mr. Sunil Bharti Mittal “In a short span of time Bharti Tele-Ventures has 
    emerged as a frontrunner in the Indian telecom sector.  With its proven track record, Bharti Tele-Ventures intends to capitalize on the growth opportunities
    we believe are available in the Indian telecommunications market.  


      Bharti Tele-Ventures uniquely positioned to capture maximum 
            telecommunications revenue potential with minimum geographical  


          Bharti Tele-Ventures plans to concentrate its financial and management 
          resources on key markets in India that it believes has a high potential.
          As of November 30, 2001, approximately 92% of India’s total number  
          of  cellular subscribers resided in its six existing and nine proposed 
          cellular circles, which collectively covered only 56% of India's land  
          mass. For the year ended March 31, 2001, one existing and three 
          proposed fixed line circles accounted for approximately 26% of India’s  
          total direct exchange lines, or DELs, based on annual report of BSNL, 
          and covered  only 11% of India's land mass.


      Bharti Tele-Ventures’ leverages the strengths of its partners


          Bharti Tele-Ventures believe that it will greatly benefit from the  
          operating  and technical expertise and financial strength of its partners, 
          SingTel, Singapore and Warburg Pincus, USA. Other partners include 
          international financial investors such as International Finance 
          Corporation, Asian Infrastructure Fund Group and New York Life 


      Bharti Tele-Ventures believes in creating true value for its customers. 


          Bharti Tele-Ventures believes in creating and delivering value to its 
          customers through its products and services.  This translates itself  
          into  a number of widely recognized and popular brands like AirTel,  
          Magic,TouchTel, Tango and IndiaOne. 

    Mr. Nimesh Kampani, Chairman,  JM Morgan Stanley,  the book running lead manager said “Bharti Tele-Ventures Limited IPO heralds the entry of telecom majors in the Indian primary market.  The telecom industry promises to be 
    highly vibrant and has been attracting substantial equity investment even 
    during difficult times.  The inherent advantages of 100% bookbuilding route 
    has found acceptance globally amongst foreign investors, mutual funds, 
    banks and domestic institutions and would have a cascading effect among 
    retail investors too.”

    Mr. Hemendra Kothari, Chairman, DSP Merrill Lynch, the book running lead 
    manager to the issue said “Bharti Tele-Ventures policy of pursuing an 
    integrated strategy with a sharp focus on cellular telephony will pay off with
    expected strong growth in wireless and data and significant room for market 
    share in local and long distance business.”


    About Bharti Televentures

    Bharti Tele-Ventures, a company promoted by the Bharti Telecom,is India’s 
    leading private sector provider of telecommunications services based on an 
    aggregate of approximately 1,340,000 customers as of November 30, 2001,
    consisting of approximately 1,048,000 cellular, 135,000 fixed-line and 
    157,000 Internet customers.  Cellular services currently constitute the largest
    portion of its business in terms of total revenues.  The company also provide fixed-line, VSAT, Internet and network solutions and has also commenced 
    offering national long distance services by offering data transmission services and intend to offer voice transmission services shortly. Bharti Tele-Ventures intends to widen its range of telecommunications services to provide international bandwidth access and international voice services.  The company  seeks to capitalise on the growth opportunities that it believes is available in the Indian telecommunications market and consolidate its position to be the leading integrated telecommunications services provider in key markets in India, with a focus on providing cellular services.

    Bharti Tele-Ventures is a holding company and its operations are segmented into four divisions, operated by wholly owned subsidiaries: Cellular - Bharti 
    Cellular, Access - Bharti Telenet, Long Distance - Bharti Telesonic, Broadband
    Solutions -Bharti Broadband Networks.

    Bharti Tele-Ventures presently offer cellular services in six of the 22 circles in India and intends to provide cellular services in nine additional circles, for 
    which the Company has entered into licenses with the DoT.  
    As of November 30, 2001, approximately 92% of India’s total number of 
    cellular subscribers resided in their existing and proposed cellular circles, 
    according to COAI reports. 

    Bharti Tele-Ventures was the first private sector operator to provide fixed-line
    services in India. It currently provide fixed-line services in the Madhya 
    Pradesh circle, and Haryana circle and intend to provide fixed-line services
    in three additional circles of Delhi, Karnataka and Tamil Nadu for which they 
    have entered into licenses with the DoT.

    Bharti Tele-ventures has always believed in creating strong partnerships with 
    its joint venture partners. Today SingTel and Warburg Pincus are it’s leading
    partners. The other partners include leading international financial investors 
    such as International Finance Corporation, Asian Infrastructure Fund Group 
    and New York Life Insurance.  


    Note: This press release is not for distribution in the United States. This press release is not an offer of securities for sale in the United States and securities  may not be offered or sold in the United States absent registration under the  US Securities Act of 1933 or an exemption from such registration.