TCIL allowed to divest its 30 per cent stake in Bharti Hexacom

The Cabinet Committee on Economic Affairs (CCEA) has allowed state-owned Telecommunications Consultants India Limited (TCIL) to sell its 30 per cent stake in Bharti Hexacom. TCIL had expressed an interest to exit the joint venture (JV) as Bharti Airtel was not agreeing to pay dividends every year to TCIL and the latter did not have a say in the JV’s management decisions. Bharti had also refused to have Bharti Hexacom listed on the stock exchange, a demand from TCIL that would have helped it exit the JV at the right price.