Airtel waives off right of first refusal to acquire TCIL’s stake in Bharti Hexacom

Bharti Airtel has waived its right of first refusal to acquire Telecommunications Consultants India Limited’s (TCIL) 30 per cent stake in Bharti Hexacom as it sees no immediate value in such a move. Last month, Airtel’s subsidiary, Bharti Hexacom had filed a draft offer document with the Securities and Exchange Board of India to sell TCIL’s 20 per cent stake, providing the government with a partial exit. TCIL’s holding will reduce to 10 per cent after Bharti Hexacom’s IPO, while Airtel will retain its 70 per cent stake in the unit.