Shares of Bharti Hexacom Ltd were trading in the green and 5% higher on Friday 11 April after the company temporarily stopped its contract to sell 3,400 towers to Indus Towers for Rs 1,134 crore.

This comes after the Government of India intervened through Telecommunications Consultants India Limited (TCIL), which owns a 15% share in the company.

In an exchange filing, Bharti Hexacom indicated that the existing proposal has been put on hold and that a new exercise will be conducted after consultation with TCIL.

In February, Indus Towers purchased 16,100 telecom towers from Bharti Airtel and Bharti Hexacom for Rs 3,308.7 crore in cash. It was hoped that the agreement will be completed by 31 March.

Indus announced on Wednesday that it has “executed the transaction” to purchase the passive infrastructure business venture of Bharti Airtel.

The deal required Bharti Hexacom to sell 3,400 towers and Airtel to sell 12,700 towers to Indus.  According to Indus, the planned acquisition will increase the tower company’s market share and assist it to achieve its expansion ambitions while also aligning with its principal business.

At 2:25 pm, the shares of Bharti Hexacom were trading 4.78% higher at Rs 1,501 on NSE.

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