Malik has around 20 years of industry exposure and held various executive positions at Telenor Group’s headquarters in Norway.
The deal, expected to be closed within the next two quarters, won’t involve any part or full exit from existing private equity investors.
The company, which counts Singapore’s sovereign wealth fund Temasek as a shareholder, reported a sharp drop in earnings in Q4 ended March 31, 2013.
In 2010, Temasek-backed Bharti Airtel acquired majority stake in Warid Bangladesh.
The deal, expected to be announced within a few weeks, could turn out to be the second biggest PE transaction ever in India.
Previous investors in ZipDial include Mumbai Angels, Blume Ventures, AngelPrime, Times Internet and 500 Startups.
Bharti can, however, continue 3G services in the zones for its existing customers, the apex court said.
The combination of the technological paradigm shift towards mobile and cloud have accelerated M&A activity, with the number of transactions already surpassing 2011 by 42.8% year-to-date.
Once accounting for over half of all handsets sold in India, Nokia faced stiff competition from Samsung across both mass and top end of the market.
Micromax is backed by TA Associates, Sequoia Capital, Madison India Capital, Sandstone Capital and China’s semiconductor firm Spreadtrum.
Airtel has been involved in a legal case with a minority shareholder of its Nigerian arm, which had over $1.2 billion in revenues in FY12.
Temasek-backed telecom major has been rumoured to be working on a restructuring to combine international and Indian operations in terms of management.
In dollar terms, investors such as Temasek and KKR are sitting on a bigger notional loss on their investment made at the peak of the stock market boom five years ago.
The telecom services company would look at acquiring 2-3 companies for $2m-$10m.
Bharti Infratel, which has investors such as Temasek & KKR, fixed an issue price of Rs 210 for retail investors and Rs 220 a share for institutional investors & HNIs.
The tower arm of Bharti Airtel counts among its financial investors Temasek and KKR.
Singapore's sovereign wealth fund Temasek-backed Bharti Airtel reported its 11th consecutive quarter of profit decline with margins pressured by intense competition.
Valia is brother-in-law of Dilip Shanghvi, the billionaire promoter of India’s largest pharmaceutical company by market cap.
Vodafone's India unit and Tata Teleservices will bid in an upcoming auction of airwaves, while Norwegian telecoms firm Telenor has submitted an application for pre-qualification.
The appointments come as Akhil Gupta, Rakesh Bharti Mittal and Hui Weng Cheong have stepped down from Bharti Airtel board due to the pending IPO of its unit
RECENT COMMENTS
UPCOMING EVENTSchinetwork