Bharti Telesoft to expand mkts, may push back IPO

MACAU (Reuters) - Bharti Telesoft, owned by India's top mobile operator Bharti Airtel's parent Bharti Enterprises, said it plans to expand to 100 cities globally from 70 now as it fights for a bigger market share despite the worsening global financial crisis.

But it may push back an initial public offering (IPO), Manoranjan Mohapatra, CEO of the messaging and roaming services provider, told Reuters during the 2008 GSMA Mobile Asia Congress.

"The IPO will be a function of the market. We're now looking at between 24 to 36 months. We've got plenty of sources of equity," Mohapatra said.

Bharti Telesoft -- which aims for $200 million in revenues in 2011 -- competes with mobile2win, IMImobile, Cellebrum, among others and sells roaming, messaging, Internet and call management services to clients such as Tata Communications, France Telecom and Egypt's Orascom Telecom.

In November, Bharti Telesoft, which operates in more than 70 countries across the world, including China, the United States, Egypt, and Paraguay, entered into a deal with South Africa's MTN to provide mobile value-added services.

No financial terms were announced.

Bharti Telesoft's affiliate, Bharti Airtel, controls around 24 percent of India's wireless market.

Media reports have said Bharti Telesoft -- in which Sequoia Capital and Cisco Systems also have stakes -- plans to list within a year, and would use the money to fund its expansion and acquisition plans.