Bharti, Punj Lloyd Decline to Extend Bids for Hexacom Stake
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Bharti Airtel Ltd., India’s largest mobile-phone operator, and Punj Lloyd Ltd., an engineering company, didn’t renew offers to buy the government’s stake in a wireless services provider in the northwestern state of Rajasthan.
Both companies said in separate statements today they exited from the bid after the government’s stake sale in Bharti Hexacom Ltd. took longer than expected. Their offers expired March 13. Bharti owns 70 percent of the company, while the government holds the rest.