While declining to put a time-frame to deferment of the initial public offering (IPO), Mr Mittal said that the group would closely monitor the markets to arrive at a suitable time for the issue. Although, Bharti chairman and group managing director Sunil Bharti Mittal had recently favoured Indian market for listing, Mr Rajan Mittal said on Tuesday that Bharti was still evaluating both Indian and overseas market for the public issue and was yet to finalise its decision on the matter. "We have recently applied to the government for national long distance licence and the total project cost for the venture is estimated at Rs 2000 crore," he said. The company has also applied for basic licences in eight telecom circles of Maharashtra, Haryana, Karnataka and Punjab amongst others. He said Bharti was yet to hear from the communications ministry about any clarifications on basic applications, which is understood to have led to delay in issuing letter of intent (LoI) to the company. Bharti group is in the process ofunifying stakeholders of smaller group companies and moving them to the parent company Bharti Televentures. As part of the plans, investors New York Life International and AIF who held equity in Bharti Cellular, have already been moved to the parent company. The group is now working out details for restructuring the equity pattern with regard to two major partners Telia of Sweden, which holds 26 per cent stake in Bharti Mobile, and BT, which has announced its plans to exit the venture although it is yet to send a formal communication to Bharti regarding the same.