Air­tel to Shift Own­er­ship of 3 For­eign Arms to Net­work i2i

The Economic Times - - Companies: Pursuit Of Profit - Our Bureau

New Delhi: Bharti Air­tel will trans­fer own­er­ship of sub­sidiaries in Mau­ri­tius, the Nether­lands and Singapore to an­other unit to sim­plify the group’s hold­ing struc­ture with­out af­fect­ing its fi­nan­cials.

The three wholly-owned units will now be held en­tirely by Net­work i2i (Ni2i), Mau­ri­tius, which is fully owned by Bharti Air­tel. The move is aimed at sim­pli­fy­ing the struc­ture and of­fer­ing syn­er­gies with­out any change in ul­ti­mate own­er­ship over these sub­sidiaries, Air­tel said in a no­tice to stock ex­changes on Wed­nes­day. It said the re­struc­tur­ing will have “no im­pact on the con­sol­i­dated fi­nan­cial state­ments of the com­pany.”

Un­der the re­vised struc­ture, Bharti Air­tel In­ter­na­tional (Mau­ri­tius) (BAIM), Bharti Air­tel In­ter­na­tional (Nether­lands) (BAIN) and Bharti In­ter­na­tional (Singapore) (BISPL) will be owned by Net­work i2i.

BAIN will con­tinue to hold the share­hold­ing in the African op­er­at­ing com­pa­nies. Units in the US, Hong Kong and the UK will be held en­tirely by the Singapore sub­sidiary. The de­ci­sion was ap­proved by the board of di­rec­tors on Fe­bru­ary 7. The com­pany’s stock rose 0.2% to ₹ 352.80 at the close on the Bom­bay Stock Ex­change, out­per­form­ing a neg­a­tive broader mar­ket.

Bharti Air­tel re­ported a 55% fall in the net profit in the quar­ter ended De­cem­ber 2016, hit by Re­liance Jio In­fo­comm’s free voice and data ser­vices.

The move aimed at sim­pli­fy­ing group’s hold­ing struc­ture in its Mau­ri­tius, Nether­lands & Singapore sub­sidiaries

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