Bharti to merge five subsidiaries for mobile service operations
By Our Corporate Bureau | 20 Mar 2003
New Delhi: Bharti Televentures is proposing to merge all its five subsidiaries (Bharti Cellular, Bharti Mobinet, Bharti Mobitel, Bharti Mobile and Bharti Telenet) into one single entity for mobile service operations.
The company has filed an application with the Delhi High Court to convene and hold a meeting of shareholders and creditors to seek permission for this move. In return, the court, in its order, has directed it to hold the meeting in the last week of April 2003. The meeting of its shareholders and creditors for seeking permission has also been fixed for the last week of April.
The mergers would mean consolidation of staff strength, also giving the company an opportunity to cut on its staff strength and thereby minimising expenses on salaries.
The exercise is also expected to allow for greater synergy and business planning, with the restructuring of the businesses, which include re-allocation of product or business stream realignments within the company.
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