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    Bharti Tele-Ventures files for Initial Public Offering

    New Delhi, November 12, 2001.  Bharti Tele-Ventures Limited (Bharti Tele-Ventures) has today filed an offer document with Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of approximately 185 million equity shares of the face value Rs.10 each for cash at a premium to be determined through a book building process.  The said offering would represent 10% of the post issue equity of the company.


    The book running lead manager to this offer is JM Morgan Stanley and Co-book running lead manager is DSP Merrill Lynch. 


    Bharti Tele-Ventures, a company promoted by the Bharti Telecom, is India’s leading provider of telecommunications services (cellular, fixed line, V-SAT and Internet services). Bharti Tele-Ventures intends to expand the range of telecommunications services to provide national long distance services and broadband solutions. The operations of Bharti Tele-Ventures are segmented into four 100% owned companies: Cellular - Bharti Cellular, Bharti Telenet, Access - Bharti Telenet, Long Distance - Bharti Telesonic, Broadband Solutions -Bharti Broadband Networks.


    Bharti Tele-Ventures had an aggregate subscriber base of approximately 1,275,000 as of September 30, 2001, comprising of 983,000 cellular, 128,000 fixed line and 164,000 internet access subscribers. Bharti Tele-Ventures, a holding company, has the largest cellular footprint in India, with its existing six and nine additional circles, covering 92% of the India’s present cellular subscribers. Cellular services currently constitute the largest portion of Bharti Tele-Ventures’ business in terms of revenues and the Company expects this to continue in the foreseeable future.


    As of October 31, 2001, Bharti Tele-Ventures has entered into licenses for four fixed-line circles in addition to existing operations in Madhya Pradesh. Since starting operations in 1996, BTVL has also concluded four mergers and acquisitions, including the first three deals in the telecommunications services sector (purchase of equity interests in Andhra Pradesh, Karnataka, Chennai and Kolkata circles).  Its pan - India footprint covers the major telecommunications circles in India.


    Bharti Tele-Ventures’ existing foreign shareholders have acquired direct and indirect equity interests for a total consideration exceeding US$1 billion through September 30, 2001.  Bharti Televenture’s current partners include SingTel, Warburg Pincus, AIF Funds Management Ltd., International Finance Corporation and New York Life.


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    Note: This press release is not for distribution in the United States and is not an offer of securities for sale in the United States.  The securities offered will not be or have not been registered under the US Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.


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