Having sold 62 million equity shares last week in Sunil Mittal owned Bharti Group, Warburg Pincus has said that its investments in the Bharti company was one of most successful investment and expressed satisfaction about the deal.
Warburg Pincus' investment in Bharti Tele-Ventures Limited, is the firm's largest portfolio investment in India, to date.
Since 1999 with its first investment in Bharti, Warburg Pincus has committed $290 million to the local fixed line, data, wireless and long distance service provider and watched Bharti develop into one of the premier telecommunications companies in India, Warburg Pincus said in a statement.
"After 10 years in Asia, Bharti represents one of our most successful investments," said Warburg Pincus Co-President Charles R. Kaye, commenting on the recent open market sale of 62 million equity shares of Bharti.
"We believe this is a phenomenal company and this has been a landmark private equity transaction that really validates the Asian private equity story.
We're thrilled to be part of what continues to be an exciting story in the telecommunications sector and look forward to a long and fruitful relationship with the company in the years to come, he added.
While partially divesting slightly less than one-fifth of its position, Warburg Pincus continues to hold shares representing more than 15% of the company.
Bharti completed an initial public offering in 2002. It has seen its share price increase in value by more than three times since it became a public company.
In addition, Bharti's subscriber base -- which was around 200,000 customers when Warburg Pincus first invested has grown to about 8 million.
James Neary, Warburg Pincus Partner in charge of global capital markets Activities, said "this transaction represents the growing strength and depth within the Indian capital markets and continues to expand the free float of Bharti shares."
Warburg Pincus has invested close to $1 billion in India in a range of industries including technology, telecommunications, healthcare, financial services, manufacturing and industrial sectors.
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