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Bharti Airtel Ltd to Buy Stake in Network Joint Venture from Alcatel Lucent SA's Alcatel Lucent India-DJ

Tuesday, 5 Feb 2013 03:57am EST 

Dow Jones reported that Bharti Airtel Ltd. (Bharti) said that it will buy out the stake belonging to Alcatel Lucent SA's Alcatel Lucent India in a joint venture that was managing Bharti's fixed-line and broadband networks in India. Bharti and the Indian unit of Alcatel Lucent SA had formed the 26:74 joint venture called Alcatel Lucent Managed Network Service India Ltd. in 2009 to manage Bharti's fixed-line and broadband networks. The five-year network contract for the joint venture, which was worth about USD 500 million, ends in April 2014. After the buyout, the company "will operate independent of Bharti and going forward, will invite other operators to join in with equity participation and bring the management of their broadband and fixed-line networks under its fold," the two companies said in a joint statement. Financial terms were not disclosed.