Bharati has completed 80 per cent of the work on the submarine cable landing station at Chennai, Mr Agarwal said. The landing station will connect Bhartis telecommunications networks in India to the submarine cable systems in Singapore and would provide international access when the Indian market opens up on April 1, 2002. ILD services is part of Bhartis expansion plans, which include nine new cellular circles, four fixed circles and NLD services.
Mr Agarwal was in Pune for the Bharti Teles IPO roadshow. He said that the first days performance was encouraging with almost 85 per cent of the share being picked up. Mr Agarwal was hopeful of the value moving up from the Rs 45 to Rs 47-band that it achieved on the first day. Investors are keenly watching the markets response and that explains the cautious response on the first day
Cellular services will provide 80 per cent of the companys revenues. All the seven cellular circles, where the company operates, are making a cash profit while the new nine circles are expected to show cash profits in the second full year of operations. The Punjab and MP circles are ready for a take off in March 2002, while Maharashtra and Goa will see a launch in the irst quarter of 2002. The company has decided to invest Rs 350 crore in the Maharashtra and Goa circle.