Approached by a few global investors eyeing tower subsidiary, the country's top operator, Bharti Airtel, looks open to selling the unit's controlling stake.
The board of Airtel last year had constituted a committee to evaluate selling stake in Bharti Infratel, following which it sold 13.96 per cent stake to a group of private equity investors and to others through qualified institutional placements.
Airtel now holds, directly and through its subsidiary, an overall shareholding of 58 per cent in Bharti Infratel.
"Airtel has been approached by a few reputed global investors to acquire a significant stake in Bharti Infratel which, if accepted, could result in such investors acquiring control of Bharti Infratel," Airtel said in a regulatory filing. The committee has recommended that such proposals be duly considered.
Airtel, however, said it has not entered any agreements in relation to any such proposal or discussions, and there is no certainty of any transaction until the board reviews and approves a final proposal.
"The board also noted the decision taken by the board of its subsidiary Bharti Infratel on October 30 (Monday) to explore and evaluate acquisition of stake in one or more tranches in Indus Towers, with the aim of making it a subsidiary or wholly-owned subsidiary," Airtel said.