Bharti Airtel transfers 69.94% stake in Airtel Payments Bank to Airtel Limited
Domestic telecom company Bharti Airtel has transferred its entire 69.94 percent stake in Airtel Payments Bank to its wholly-owned subsidiary Airtel Limited. The company has given this information in a regulatory filing. According to PTI news, Bharti Airtel said in the filing that 69.94 percent stake of Bharti Airtel Limited in Airtel Payments Bank Limited is being transferred to the wholly-owned subsidiary of the company (ie Airtel Limited) after obtaining the required regulatory and corporate approvals.
There will be no impact on the ownership of the bank
According to the news, the above is an internal restructuring of shareholding in the bank and it will have no impact on the ownership of the bank. According to the filing, the company has received the requisite regulatory and corporate approvals regarding the transaction. Airtel Payments had a turnover of Rs 1,835. 8 crore in 2023-24. The filing said that the transfer of shareholding falls under the purview of related party transactions.
Partnership with SpaceX
Bharti Airtel has partnered with US billionaire Elon Musk’s satellite company SpaceX to offer Starlink’s high-speed internet services to its customers in India. Airtel has said that the agreement is subject to SpaceX getting approval to sell Starlink’s satellite communication-based services in India. The agreement will enable Airtel and SpaceX to explore how Starlink can complement and expand Airtel’s offering.
