Bharti Infratel up 6% after deal with Reliance Jio

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Bharti Infratel up 6% after deal with Reliance Jio
Bharti Infratel: Quotes, News
BSE 394.80BSE Quote15.75 (3.99%)
NSE 395.30NSE Quote15.95 (4.03%)
Shares in Bharti Infratel rallied 6 per cent, touching a high of Rs 205 on the National Stock Exchange, after Reliance Jio Infocomm signed an agreement with the company to utilise the telecom tower infrastructure of the latter to launch its services across the country.

According to the agreement Reliance Jio would utilize the telecom tower infrastructure of Bharti Infratel to launch its services across the country. As per the agreement, the pricing would be at 'arm's length,' based on prevailing market rates.
Sanjay Mashruwala, Managing Director, Reliance Jio said, "This agreement is in line with our earlier comprehensive telecom infrastructure sharing arrangement with Bharti Airtel Limited aimed at avoiding duplication of infrastructure, wherever possible, and to preserve capital and the environment. The agreement will help us with the faster roll out of our services across the country."

D S Rawat, CEO - Bharti Infratel Limited said, "We are delighted with this agreement to offer our world-class telecom infrastructure to Reliance Jio. Our vast footprint and high network uptime levels will offer significant synergies of faster access to market and lower operational costs. The agreement would also benefit our existing customers with lower rentals and energy charges as a result of additional sharing. We look forward to a long and mutually beneficial relationship with Reliance Jio."

Bharti Infratel is India's leading provider of tower and related infrastructure and it deploys, owns and manages telecom towers and communication structures, for various mobile operators. The Company's consolidated portfolio of over 82,000 telecom towers, which includes over 35,000 of its own towers and the balance from its 42% equity interest in Indus Towers, makes it one of the largest tower infrastructure providers in the country with presence in all 22 telecom circles.
Reliance Jio Infocomm Limited (RJIL), a subsidiary of Reliance Industries Limited (RIL), India's largest private sector company, is the first telecom operator to hold pan India Unified License.

Read more about: bharti infratel, reliance jio
Story first published: Wednesday, March 5, 2014, 10:27 [IST]
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