New Delhi: Bharti Airtel, India's largest private telecom firm, on Tuesday said it will buy out Alcatel-Lucent's entire stake in a joint venture company that manages the fixed-line and broadband network for Bharti. The companies did not give any financial detail of the deal.
Bharti and the Indian unit of Alcatel-Lucent had formed the 26:74 joint venture, Alcatel Lucent Managed Network Service India Ltd, in 2009 to manage Bharti's fixed-line and broadband networks. The five-year $500 million network contract for the joint venture was to end in April 2014.
Bharti said the company would operate independently and going forward it would invite other operators for equity participation and bring the management of their broadband and fixed-line networks under the entity. It named Shishir Kumar as the new CEO of the company. Kumar was earlier CEO for the northern region at Bharti Airtel. Bharti Airtel said it was introducing a new business model for managing fixed line and DSL broadband networks, on the lines of Indus Towers. Bharti Infratel holds 42% stake in Indus Towers, with Vodafone (42%) and Idea (16%) holding the rest.
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