Bharti Airtel has no intention to buy back Vodafone stake: Media Reports

Bharti Airtel has no intention to buy back Vodafone stake
Sunil Mittal, Group Chairman of Bharti Airtel, has said that he has no intention of buying back around 4 per cent stake that UK-based Vodafone holds in his Bharti Airtel.

"We have no intention (to do that)," Mittal told reporters after the company's Annual General Meeting, when asked whether the company would buyback its Vodafone stake following new rules that bar holding stake in competitors. Vodafone holds 4.4 per cent stake indirectly in Bharti.

Vodafone will have to sell its entire stake in Airtel following new norms issued by government that bars a telecom operator from holding any kind of stake in competition under Unified Licences, reported PTI.
Vodafone and Airtel currently operate on Unified Access Service Licence (UASL) licence, or 2G licences, under which telecom companies are permitted to hold stake up to 9.9 per cent in other firms, said the reports.

Dion Global Solutions Ltd.

Read more about: bharti airtel, vodafone, buyback, telecom
Story first published: Friday, September 6, 2013, 9:10 [IST]
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