Bharti Infratel, a wholly owned subsidiary of Indian operator Bharti Airtel, has announced that international investors have agreed to invest USD 1 billion in Bharti Infratel. The international investors are Temasek Holdings, the Investment Corporation of Dubai, Goldman Sachs, Macquarie, AIF Capital, Citigroup & India Equity Partners, with Temasek Holdings being the largest investor. The enterprise valuation has been agreed to be in the range of USD 10-12.5 billion, and the final valuation, within this range, will be determined on the basis of Bharti Infratel's actual operating performance in FY 2008-09. Bharti Infratel owns close to 20,000 mobile infrastructure sites and holds an approximately 42 percent stake in Indus Towers, the recently announced joint venture between Bharti, Vodafone and Idea, which has over 70,000 sites.
