TCIL raises transparency concerns in Bharti Hexacom–Indus Towers deal: Report
By Aditya Bhagchandani Published on May 6, 2025, 13:48 IST
In a fresh development surrounding the Bharti Hexacom–Indus Towers tower transaction, CNBC-TV18 sources have reported that Telecommunications Consultants India Ltd (TCIL) has raised transparency concerns regarding the deal. The state-owned company, which holds a 15% stake in Bharti Hexacom, has reportedly questioned key aspects of the valuation and process, triggering uncertainty over the tower sale.
According to CNBC sources, TCIL has flagged issues related to clarity and fairness in the proposed sale of 3,400 telecom towers by Bharti Hexacom to Indus Towers. The situation now awaits further management clarification, which will be critical to assess how the deal progresses.
This comes weeks after the proposed sale — originally announced in February — was paused. The deal involved Bharti Airtel's plan to sell 12,700 towers and Bharti Hexacom's 3,400 towers to Indus Towers for a total consideration of Rs 3,308.7 crore. While Airtel's portion of the deal is moving ahead, Hexacom's sale remains on hold following TCIL's demand for a fresh valuation.
Professional services firm Grant Thornton had pegged the valuation at Rs 33 lakh per tower. TCIL, however, has sought a new assessment that aligns with DIPAM and SEBI guidelines, possibly through an open bidding process to ensure transparency and fairness.
Indus Towers, one of the largest telecom infrastructure providers in India, had 234,643 towers and 386,819 co-locations across the country as of December 2024.
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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