Airtel to Shift Ownership of 3 Foreign Arms to Network i2i
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