NEW DELHI: State-controlled telecom engineering company Telecommunications Consultants India Ltd (TCIL) is working with a fresh proposal with Bharti Airtel for an open tender to sell out Bharti Hexacom tower assets in which it holds a 15% stake, sources familiar with the matter said.

"TCIL was kept out of the loop for sale of Hexacom towers to Indus Towers, following which it intervened and registered its protest. It asked Bharti Hexacom to start a fresh process as per requirements as a public sector firm."

"The two companies are working together for an open tender process,” the person added.

The new process will follow the guidelines issued by the Department of Investment and Public Asset Management (DIPAM).

Interestingly, Bharti Airtel is one of the key promoters, and holds a 50% stake in Indus Towers.

"We remain convinced about the business logic and merits of the proposal which also received endorsement and strong support from our shareholders and proxy agencies. However, in line with transparency and robust corporate governance we have agreed to put the current proposal in abeyance and initiate a fresh process as required by our significant minority shareholder TCIL," a Bharti Hexacom spokesperson said in a statement.

The infrastructure sale is a part of a deal concluded in February under which Bharti Airtel and Bharti Hexacom were proposed to transfer a total of 16,100 towers to Indus Towers through a slump sale.

However, Bharti Airtel completed the sale of 12,700 towers valued at Rs 2,174.6 crore, with the JS Deepak-headed Hexacom’s portion of the deal in works currently.

In 2024, the public sector firm had a 30% stake in Bharti Hexacom of which it sold 15% of its stakeholding.