Sunil Mittal-owned Bharti group on Friday announced it would buy 27.5 per cent stake of Telesystem International Wireless of Canada in Hexacom, a cellular telecom operator in Rajasthan.
The acquisition is subject to certain regulatory approvals and would cost Bharti Rs 102 crore (Rs 1.02 billion).
"Bharti has entered into an agreement with Telesystem (Mauritius) Pvt Ltd, a subsidiary of Telesystem International Wireless, Canada, to buy its equity interest in Hexacom India for a consideration of $22.5 million," a Bharti statement said in New Delhi.
Mittal had said last week that his company would soon announce acquisitions in cellular telephony. Interestingly, the company had also applied for a unified licence for Rajasthan circle.
While Shyam Telecom has a 40 per cent stake in Hexacom, Telecom Consultants India Ltd owns 30%.
Hexacom claims to have more than 200,000 cellular subscribers in the state.
According to a Bharti statement, the agreement is subject to certain conditions including regulatory and other approvals and right of first refusal with other existing shareholders of Hexacom like Shyam Telelink and TCIL.