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The government on Thursday has given its approval to the state-owned Telecommunications Consultants to exit from its joint venture with the Bharti group, Bharti Hexacom that operates in the Rajasthan and northeast circles.
The approval was given by the Cabinet Committee on Economic Affairs (CCEA) which asked the company to come out of the deal at the right time to reap the benefits.
The Telecommunications Consultants, a telecom engineering firm, was established in 1978 under the Department of Telecommunication (DoT). The company was involved in providing sectoral expertise to developing countries.
The DoT had earlier sought the government's approval to allow Telecommunications Consultants to take out its entire 30 % stake in Bharti Hexacom to raise funds for expansion and diversification.
The government also revealed in its statement that the Bharti group which had 70% stake in the joint venture denied dividend payout to Telecommunications Consultants. It also had not registered the Bharti Hexacom on the stock exchange.
The joint venture was made by Telecommunications Consultants with the Bharti group to enter the cellular services segment.
