NEW DELHI -(Dow Jones)- India's Bharti Group is planning to list its mobile unit in the U.S. to access capital and expand visibility overseas, according to a report by the Press Trust of India on Friday.
The report said Bharti Tele-Ventures Ltd.'s (532454.BY) chairman, Sunil Bharti Mittal, told CNN the planned listing is part of the group's efforts to tie up with the best available partners, while focusing on its telecom operations at home. Bharti Tele-Ventures is India's second-largest mobile phone operator
"We rely on the best in the world, whether it's technology, service providers or strategic partners," said Mittal.
"We seek global capital, we will go to the markets to get more money, through both equity and debt. We are planning to list in the American markets," he added, but provided no details about the timing of the listing or its size.
Mittal said Bharti Tele-Ventures will remain focused in India as the local mobile market still has ample growth potential.
He said the mobile operator, which is 28%-owned by Singapore Telecommunications Ltd. (T48.SG), is targeting a customer base of 25 million over the next two years, up from about 10 million now.
-By Dow Jones Newswires; +91-11-2307-4020; djn.in@dowjones.com
-Edited by Costas Paris
(END) Dow Jones Newswires "
Posted to the site on 18th February 2005
Posted to: www.cellular-news.com/story/12076.php