The world’s largest telco Bhartis Airtels plans to buy the entertainment center in the heart of the capital for a reported Rs 1,300 crore ($1.35 billion) in a deal that will boost the local industry.
The entertainment center will be one of the most iconic buildings in the city, where it will host the world’s biggest films, music and concerts, according to a government official.
Bharti Airts chairman and managing director Shriram Jain said the company had signed a memorandum of understanding with the government to develop the center.
The company will invest around Rs 1.35 crore ($2.15 million) for the center, which has a total floor area of more than 2,000,000 square metres, according a statement from Bharts Airtell India Pvt.
The new venture will be a part of Bhartic Airtl, a company that owns more than 60 of the largest telecom companies in India.
Bharat Electronics Ltd.
is Bhartix’s largest private equity investor, with a stake in the company worth over Rs 50,000 crore.
The company owns more as yet undisclosed stake in two other telecom companies.
Bhartis is India’s biggest operator of high-speed internet services, and it has long been focused on building out its digital entertainment sector, including creating a hub for streaming and streaming-like video services in cities and towns across the country.
The Bhartiyas Airtelle (BBA) group, the largest telcos in the country, is a subsidiary of Bharts group.
The group operates over 400 Internet-based companies in the Indian and overseas markets, including online retailers, online payment platforms, e-commerce companies, travel sites and e-retail.BHartis has a market value of about $7 billion.