Airtel to sell 20 per cent stake

Global private equity firm Warburg Pincus is all set to acquire 20 per cent equity stake in Bharti Telemedia, direct-to-home arm of telecom major Bharti Airtel, for $350 million. In a statement, Airtel announced that an affiliate of Warburg Pincus will acquire 20 per cent stake, 15 per cent of which will be sold by Bharti Airtel and the remaining percentage by another Bharti entity. Managing director and chief executive officer, Gopal Vittal said, “Airtel TV is very well positioned in the DTH space, and we are committed to grow our share of the market through a combination of innovation, value engineering, customer service and distribution initiatives. We look forward to working with Warburg Pincus towards achieving our vision of making Airtel TV India's leading DTH platform.”