Bharti Hexacom-Indus Towers Deal worth RS 1,134 crore on Hold after TCL interruption

TCS intervened in the deal by asking the company to begin a new procedure that completes the eligibility as a public sector undertaking.

The deal consists of selling nearly 3,400 towers to Indus Towers, but the intervention of TCL has put it on halt. TCL, fully abbreviated as Telecommunication Consultants, holds a nearly 15% stake in Indus Towers.

The company states that the Bharti Hexacom executives are quite convinced about their business proposal. However, it is essential to maintain the highest possible standards in terms of governance and transparency. That is why they decided to put this deal on hold, and a fresh consultation with TCIL will happen soon.

During a February statement, Indus Towers stated that they would buy more than 16,000 telecom towers from Bharti Hexacom with a deal of RS 3,308 RS. It was expected to be completed by 31st March.

This news put the shares of Bharti Hexacom Ltd. in focus on 11th April. In the latest note, Motilal Oswal has given a “Buy” rating with a target of RS 1,625, which means Bharti Hexacom will surpass its post-listing price of RS 1,609. The share gets corrected by 11% from this price.

The company’s shares ended almost 0.30% higher on Wednesday at the price of RS 1,431. The convincing ratings from firms like Motilal Oswal give positive hope to investors who plan to stay invested in this company for the long term.