Bharti Infratel to get $1-b investment

NEW DELHI, INDIA: Bharti Infratel, the tower arm of Bharti Airtel, today announced that international investors have agreed to invest $1 billion in the company.

Temasek Holdings, The Investment Corporation of Dubai (ICD), Goldman Sachs, Macquarie, AIF Capital, Citigroup and India Equity Partners (IEP) will invest in the company.

Temasek Holdings will make the largest investment share. The enterprise valuation has been estimated to be $10 to $12.5 billion.

However, the final valuation will be determined on the basis of Bharti Infratel's actual operating performance in 2008-09.

Bharti Infratel has around 20,000 cell sites and holds 42 per cent stake in Indus Towers, the recently announced joint venture between Bharti, Vodafone and Idea. Indus Towers owns more than 70,000 sites.

Bharti Infratel and Indus Towers will provide passive infrastructure services to all wireless telecom operators in India on a non-discriminatory basis.

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