14th Annual Report 2008-2009 N

Printed at Thomson Press
Every single day, we trust in a myriad of ways.

Every single day trust brings us many opportunities.
To enrich our knowledge. To strengthen our determination.
To elevate our self respect.
It allows us, our partners and our customers
to thrive through healthy collaboration.
To be trusted is the most valuable compliment
that keeps us going.
To make this trust unbreakable we have worked
at reinforcing its foundation.
Every single day.
Table of contents
3
01
Corporate information
02
Corporate history
03
Top 30 shareholders
04
Performance at a glance
05
Chairmans message
06
Board of directors
10-13
07
CEO & JMDS message
14-15
08
Deputy CEOS message
16-17
09
Unbreakable trust
18-25
10
Corporate Social Responsibility
26-35
11
Awards & Honours
36-37
12
Directors report
39-67
13
Management Discussion & Analysis
68-75
14
Report on corporate governance
76-91
15
Secretarial audit report
92-93
16
Standalone financial statements with Auditors report
17
Consolidated financial statements with Auditors report 149-191
18
Circle offices
4-5
8-9
94-148
BHARTI AIRTEL ANNUAL REPORT 2008-09
192
Unbreakable trust
The glue that holds all relationships

together - including the relationship
between the leader and the led is trust,
and trust is based on integrity.
- Brian Tracy
Corporate information
Board of directors
Sunil Bharti Mittal
Chairman and Managing Director
Manoj Kohli
CEO & Joint Managing Director
Statutory Auditors
S. R. Batliboi & Associates,
Chartered Accountants
Auditors - US GAAP
Ernst & Young
Non-executive directors
Ajay Lal
Akhil Gupta
Arun Bharat Ram
Bashir Abdulla Currimjee
Chua Sock Koong
Craig Ehrlich
Nikesh Arora
Mauro Sentinelli
N Kumar
Paul O Sullivan
Pulak Chandan Prasad
Quah Kung Yang
Rajan Bharti Mittal
Rakesh Bharti Mittal
Group General Counsel & Company Secretary
Internal Auditors
Price Waterhouse Coopers Private Limited
Registered & Corporate Office

Aravali Crescent,
1, Nelson Mandela Road
Vasant Kunj, Phase - II
New Delhi 110 070
Tel: +91 11 46666 100
Fax: +91 11 41666 137
E-mail: compliance.officer@bharti.in
Website
http://www.airtel.in
Vijaya Sampath
01
02
Corporate history
Each year of our existence has been marked by historic and far reaching
milestones including many rsts, all of which have been stepping stones to
our success and performance. A brief history of the Companys major events
is summarized below:
Mobile services under the brand name Airtel launched

for the first time in Delhi and Himachal Pradesh
1995
1996
British Telecom Plc (BT) acquires a stake in the Company
1997
1998
establish
seek
explore
trust
Is the first private telecom service provider to obtain a

license for landline telephony in Madhya Pradesh
Incorporation of Bharti BT VSAT Ltd. for providing
VSAT solutions across India and Bharti BT Internet Ltd.
imagine
innovate
2001
2002
envisage
reach
dream
IndiaOne, Indias first private sector national

and international long distance service
launched
Eastern foray through acquisition and new
licenses for eight new circles across India
Indias first private submarine cable landing
station in a joint venture with SingTel
Initial Public Offering (IPO) through Indias
first 100% book-building issue
First private operator to offer basic telephone
services in Haryana, Delhi, Tamil Nadu and
Karnataka
1999
2000
The largest private sector telecom operator in India

after acquiring JT Mobile for providing cellular services
in Punjab, Karnataka and Andhra Pradesh
Acquires Skycell, Chennai and expands its South
Indian footprint
Singapore Telecommunications Ltd. (SingTel)
acquires Telecom Italias equity stake in the Company
2001
2003
Joins the US$ 1bn revenue club

Strategic partnerships with IBM and Ericsson for outsourcing of the
Companys core IT and network activities
Acquires a controlling stake in Hexacom, the leading mobile operator in
Rajasthan and holding a license to offer services in the North East
Becomes part owner in SEA-ME-WE-4, a 20,000 km next generation cable
system connecting India with South East Asia, the Middle East and Europe
First private operator to launch mobile services in Jammu and Kashmir
Founding member of the Bridge Mobile Alliance, a consortium of seven
leading mobile operators in the Asian region
2005
2006
All-India footprint with the launch of mobile

services in Assam
Vodafone acquires 10% economic interest in
the Company
Becomes Indias largest integrated private
operator based on the total customer base
inspire
team
2006
2008
wisdom
pursue
discover
redene
achieve
growth
Profit crosses US$ 1bn

Receives license for providing 2G and 3G mobile services in Sri Lanka
Launch of Airtel CallHome service, a calling card service for
countries aimed at the Indian diaspora
Strategic partnership with Google, enabling search through mobile phones
Strategic tie-up with Microsoft and becomes the first telecom operator to
offer Microsoft Windows Mobile 5.0 technology
Facility Based Operator license in Singapore, enabling the Company to
operate international carrier facilities from Singapore
Joins international consortia of leading telecom companies to build 3 high
bandwidth submarine cables AAG, I-ME-WE and Unity
Receives US$ 1.275 bn investment from leading international investors
in Bharti Infratel, a subsidiary established with the aim to provide passive
infrastructure services to all mobile services operators in India
search
03
Top 30 shareholders
HOLDERS*
Bharti Telecom Limited
45.30
Pastel Limited
15.58
Indian Continent Investment Limited
6.27
Life Insurance Corporation of India
4.23
Europacific Growth Fund
1.68
Fidelity Management and Research and Funds
1.26
Copthall Mauritius Investment Limited
0.97
JP Morgan Asset Management and Funds
0.98
ICICI Prudential
0.82
10
Emerging Markets Fund
0.73
11
Skagen Funds
0.59
12
Bajaj Allianz Life Insurance Company Limited
0.51
13
Schroder Funds
0.48
14
T Rowe Price
0.43
15
Capital International
0.38
16
Deutsche Securities Mauritius Limited
0.36
17
Merrill Lynch
0.36
18
UTI Mutual Fund
0.33
19
Mavi Investment Fund Limited
0.32
20
Government of Singapore Investment Corporation
0.29
21
SBI Life Insurance Company Limited
0.29
22
PCA India
0.28
23
Birla Sun Life Mutual Fund
0.27
24
Coment Mauritius Limited
0.27
25
Franklin Templeton Funds
0.27
26
Norges Bank A/c Government Petroleum Fund
0.27
27
Lotus Global Investments Limited
0.26
28
Aberdeen Asset Managers
0.25
29
M and G Investment Management Limited
0.24
30
Pru India Equity Open Limited
0.24
TOTAL
84.51
*Different funds/entities under the same group have been clubbed together
Data as on April 24, 2009
04
Performance at a glance
PARTICULARS
UNITS
Total customer base

Mobile Services
Telemedia Services
Full year ended March 31,

2004
2005
2006
2007
2008
2009
7,141
6,504
637
11,842
10,984
857
20,926
19,579
1,347
39,013
37,141
1,871
64,268
61,985
2,283
96,649
93,923
2,726
Rs. mn
Rs. mn
Rs. mn
Rs. mn
Rs. mn
50,369
17,055
14,363
5,527
5,837
81,558
30,658
28,219
15,832
12,116
116,641
41,636
40,006
23,455
20,279
184,202
74,407
73,037
46,784
40,621
270,122
114,018
111,535
73,115
63,954
373,521
152,858
135,769
85,910
78,590
Rs. mn
Rs. mn
Rs. mn
49,146
42,292
91,438
53,200
41,171
94,371
73,624
41,738
115,362
114,884
42,867
157,750
217,244
40,886
258,130
291,279
84,022
375,301
%
%
%
%
Times
Times
Rs.
Times
Rs.
33.9%
11.6%
12.0%
9.9%
2.48
5.24
26.52
0.86
3.15
37.6%
14.9%
23.7%
15.7%
1.34
9.65
28.70
0.77
6.53
35.7%
17.4%
32.0%
21.5%
1.00
17.45
38.87
0.57
10.78
40.4%
22.1%
43.1%
31.6%
0.58
26.47
60.59
0.37
21.43
42.2%
23.7%
38.5%
33.3%
0.36
29.51
114.46
0.19
34.23
40.9%
21.0%
30.9%
30.7%
0.55
30.38
153.45
0.29
41.40
000s
000s
000s
BASED ON STATEMENT OF OPERATIONS
Revenue
EBITDA
Cash profit from operations
Earnings before tax
Profit after tax
BASED ON BALANCE SHEET
Stockholders Equity
Net Debt
Capital Employed
KEY RATIOS
EBITDA Margin
Net Profit Margin
Return on Stockholders Equity
Return on Capital employed
Net Debt to EBITDA
Interest coverage ratio
Book value Per Equity Share
Net Debt to Stockholders Equity
Earnings per share (Basic)
The financials provided in the table above are derived from amounts calculated in accordance with IGAAP consolidated financial statements and this information
is not in itself an expressly permitted GAAP measure.
REVENUE (Rs. mn)

373,521
FY09
270,122
FY08
184,202
FY07
116,641
FY06
81,558
FY05
FY04
50,369
PROFIT AFTER TAX (Rs. mn)

78,590
FY09
63,954
FY08
40,621
FY07
20,279
FY06
FY05
FY04
12,116
5,837
30.5%
33.3%
31.6%
FY08
FY07
21.5%
FY06
FY05
FY04
15.7%
9.9%
NET DEBT TO EBITDA (Times)

0.55
FY09
FY08
FY07
FY06
FY05
FY04
0.36
0.58
1.00
1.34
2.48
RETURN ON CAPITAL EMPLOYED (%)

FY09
Thanks to consistent support from our partners, our

businesses have scaled up signicantly and added new
revenue streams. As the market matures further, we
expect more opportunities to come our way. Our strong
market leadership position, along with unshakeable
customer trust built over the years, should enable our
empowered leadership team to make the most of these
opportunities. I look forward to another successful year.
Chairmans message
Dear Shareholders,
The history of your Company is marked with some memorable years. However, the
past year was, without a doubt, transformational in many respects. Our focus on
spreading the benets of telecommunications in rural India has yielded particularly
gratifying results. With our country-wide network and targeted initiatives, such as the
joint venture with IFFCO, we are touching and transforming the lives of people and
making a positive impact across rural India, in unprecedented ways.
Even as major economies around the world grappled with

a severe recession, India experienced a relative slowdown
but remained a rare oasis of growth. Our 6.5% GDP growth
in 2008-09 is the slowest since 2003, but still robust and
remarkable in comparison. The telecom sector continues
to play an important part in the Indian growth story. Your
Company, with 100 million customers, is eminently placed
to leverage the benefits of the strong customer trust that
we have been able to build. The addition of new services
such as DTH and IPTV will ensure Airtel retains and further
strengthens its brand leadership.
As a rst step towards pursuing our

international aspirations, we commenced
operations in Sri Lanka. The runaway success
of the launch has justied our conviction that
the Airtel business model can be effectively
and protably replicated in other countries.
We are determined to pursue our international
strategy going forward.
In the near future India is likely to witness plenty of action
as new players and new technologies, including 3G, enter
and significantly influence market dynamics. 3G technology
has data capability and will play an important role in bridging
the digital divide by taking wireless broadband to even
the remotest corners of the country. The government
has already formulated guidelines for the auction of 3G
spectrum and your Company will be bidding for allocation of
additional spectrum when the process is finalized.
Employees have always been at the centre of our

endeavour. I would like to express my appreciation for
their continuous commitment to our success. During the
course of the year, we have undertaken key apex-level
organisational changes in order to manage future growth
opportunities, leverage scale and build the cost synergies
of One Airtel. I believe our management team has the
leadership capability to take Bharti Airtel to the next level.
In the course of running its business, Bharti Airtel touches
millions of lives in positive ways. We remain eager to keep
changing lives, even beyond the domain of our business.
The Bharti group has established Bharti Foundation,
which is focused on providing quality education to underprivileged children in rural India. The Foundation is well
on its way toward realising its goal of schooling 100,000
children. I am happy to note that an increasing number of
our employees are participating in this programme, both
through financial contributions and volunteering
Francis Heng and Kurt Hellstrom have retired from Bharti
Airtels Board. I thank them for their valuable counsel and
guidance during their tenure. At the same time I welcome
our new members Craig Ehrlich, Nikesh Arora and Quah
Kung Yang who have joined as non-executive directors. I am
also delighted to inform you that Manoj Kohli has joined the
Board as executive director.
Sunil Bharti Mittal

05
06
Board of directors
SUNIL BHARTI MITTAL
Sunil is Chairman and Managing Director of Bharti Airtel Ltd. He is Member of the Indian Prime Ministers
Council on Trade and Industry and serves on the Board of the International Telecommunication Union (ITU),
the leading United Nations Agency for Information and Communication Technology. Sunil is a Trustee
of the Carnegie Endowment for International Peace. He is Past President of CII, the Confederation of
Indian Industry (2007-08) and was Co-Chairman of the World Economic Forum in 2007 in Davos. He is
a member of the Forums International Business Council. Sunil is a member of the Board of Governors
of IIM, Lucknow and IIT Mumbai. He co-chairs the Bharti School of Telecommunication Technology and
Management at IIT Delhi. He is also a member of the Harvard Business School India Advisory Board and
the INSEAD Global India Council. Sunil Bharti Mittal has been honoured with one of Indias highest civilian
awards, the Padma Bhushan. He is the Honorary Consul General of the Republic of Seychelles in New
Delhi, India. Sunil is an Honorary Fellow of The Institution of Electronics and Telecommunication Engineers
(IETE). The degree of Doctor of Science (Honoris Causa) was bestowed upon him by the G.B. Pant
University of Agriculture & Technology (India). He is also an alumnus of Harvard Business School (USA).
He is a Trustee of Bharti Foundation, which is dedicated to the promotion of education and child welfare.
MANOJ KOHLI
Manoj is the CEO & Joint Managing Director of Bharti Airtel Ltd. Prior to joining Bharti he worked
with DCM (where he started his career in 1979), Allied Signal/Honeywell and Escotel in various
senior leadership positions. Manoj is a member of the GSM Association (GSMA) Global Board and
Cellular Operators Association of India (COAI). He was Past Chairman of the COAI in 2001-2002. He
is a member of the Academic Council of the Faculty of Management Studies of Sri Ram College of
Commerce, Delhi University. Manoj is a Commerce and a Law Graduate, and holds an MBA degree
from FMS, Delhi University. Manoj also attended the Executive Business Program at the Michigan
Business School and the Advanced Management Program at the Wharton Business School.
AJAY LAL
Ajay is independent non-executive director of Bharti Airtel Ltd. He is a Senior Partner and
Managing Director of AIF Capital with over 20 years experience in private equity, project finance
and corporate banking. Before joining AIF Capital in 1997, Ajay worked with AIG Investment
Corporation and Bank of America. He represents AIF Capital on the boards of a number of large
corporations across Asia, and in this capacity enforces strict standards of corporate governance
while providing the management teams with strategic guidance. Ajay is an Engineer from IIT Delhi
and an AMP graduate from Harvard Business School. He also holds an MBA from IIM Calcutta.
AKHIL GUPTA
Akhil is an executive Director of Bharti Airtel Ltd. He is the Deputy Group CEO & Managing Director
of Bharti Enterprises Ltd. and is very actively involved in the newly established telecom tower
companies through his roles as Chairman of Indus Towers Ltd. (a Joint Venture between Bharti Airtel
Ltd., Vodafone Essar Ltd. and Aditya Birla Telecom Ltd.) and Managing Director of Bharti Infratel Ltd.
Akhil also serves on the boards of Bharti AXA Life Insurance Ltd. and Bharti AXA General Insurance
Ltd. He is a member of the Advisory Board of Confederation of Indian Industry (CII). Akhil is a
Chartered Accountant and an AMP graduate from Harvard Business School.
ARUN BHARAT RAM

Arun has been an independent director of Bharti Airtel and a member of the Board Audit Committee
since March 2006. He is a member of a leading family of industrialists, known for their philanthropy
and promotion of art and culture. He is the founder and Chairman of SRF Limited, which has plants in
and outside India, and market leadership in all its major businesses. His strong support of initiatives
of corporate governance, quality and professionalism in management led to SRFs Industrial
Synthetics Business winning the coveted global Deming Award in 2004. Arun was the President of
Confederation of Indian Industry (CII) and is currently Chairman CII Family Business Council. He is the
Co-Chairman of the Indo German consultative group, a Government of India appointment. He takes a
keen interest in promoting education and serves on the Governing Board of Doon School, Dehradun
(India) and Lady Shri Ram College in Delhi. He graduated in Industrial Engineering from the University
of Michigan, USA and holds a diploma from the Technical University of Darmstadt, Germany.
BASHIR ABDULLA CURRIMJEE

Bashir has been an independent director since 2001. He is also the lead director among the
independent directors and a member of the Board HR Committee and Board ESOP Compensation
Committee. Bashir is a leading industrialist and the Chairman of the Currimjee Group, which was
established in 1890 and today has diverse business interests in manufacturing, trading, energy,
financial services and travel in Mauritius. He was a director of the Central Bank of Mauritius for
15 years and the Chairman of the Mauritius Chamber of Commerce and Industry Association of
Mauritian Manufacturers and also the Joint Economic Council. Bashir is an Arts graduate (major in
Economics and Government) of Tufts University, USA. He is an alumnus of Harvard Business School
where he completed the Executive Course on OPM (Owner/President Management Program).
CHUA SOCK KOONG
CRAIG EHRLICH
Craig has been involved in Asias communications industry since he joined Hutchison Cablevision in
1987. He was a founding member of the team that launched Star TV, Asias first satellite-delivered
multi-channel television network. He joined Hutchison Whampoa in 2003 as a board member of
Hutchison Telecommunication Group and advises the groups businesses worldwide. He is Vice
Chairman of Eastern Communications of The Philippines. In addition, he is Chairman of Taiwans
largest cable television company, kbro. He is Chairman and Founder of Novare Technologies Ltd,
an onshoring and outsourcing software company development, headquartered in Hong Kong. He is
a board member of the ITU Telecom and has served for many years as the Chairman of the GSMA.
Craig is a Graduate from the University of California, Los Angeles. He received his Masters degree
from Occidental College and a Postgraduate Fellowship from Coro Foundation.
Sock Koong is a nominee of SingTel and was appointed as non-executive director of Bharti Airtel in
May 2001. She joined SingTel in June 1989 as Treasurer and was appointed Chief Financial Officer in
1999, with responsibility for the Groups financial functions, including treasury and risk management.
In February 2006, Sock Koong assumed the positions of Group CFO and CEO International, looking
after the key drivers of SingTels international business. She was appointed Deputy Group CEO in
October 2006 and in April 2007, she assumed the position of SingTel Group CEO. Sock Koong holds
a 1st Class Honours Degree in Accountancy from the University of Singapore and is a Certified Public
Accountant and a Chartered Financial Analyst.
11
06
Board of directors
NIKESH ARORA
Nikesh is an independent non-executive director and a member of the HR Committee and
ESOP Compensation Committee of Bharti Airtel. Nikesh is President, EMEA Operations & Senior
Vice President, Google where he oversees all revenue and customer operations, as well as
marketing and partnerships. Prior to joining Google, he was chief marketing officer and a member
of the management board at T-Mobile. Before joining T-Mobile/Deutsche Telekom, Nikesh held
management positions in Putnam Investments and Fidelity Investments in Boston. Nikesh holds a
Masters degree from Boston College and MBA from Northeastern University, both of which were
awarded with distinction. He also holds the CFA designation and has a Bachelors degree in
electrical engineering.
MAURO SENTINELLI
Mauro is an independent non-executive director and member of the Board HR and ESOP
Compensation Committees. He served Telecom Italia from 1974 to 2005. During this period he
held various senior management positions including positions abroad and Group Managing Director.
From 2002 to 2005, Mauro was a member of the Board of Telecom Italia. He is a founder member
of the GSM Association which currently has membership from operators in over 210 countries with
2.5 billion customers globally. He was elected Deputy Chairman of the GSM Association in 2003 and
again from 2005-08. Mauro has a doctorate in electronic engineering from the University of Rome.
He holds a Masters degree in Telephony from Turin University and MBAs from Insead and Kellog.
N KUMAR
Kumar has been an independent director and member of the Audit Committee since 2001. He was
elected Chairman of the Audit Committee in August 2003. Kumar is Vice-Chairman of The Sanmar
Group, a well known Indian Industrial Group with interests in chemicals, engineering and shipping.
He is an active spokesperson of industry and trade and was the President of Confederation of Indian
Industry (CII), a leading industrial body. He also participates in various other apex bodies and is on the
board of various public companies. He is the Honorary Consul General of Greece in Chennai and the
Honorary Business Representative of the International Enterprise, Singapore. N Kumar is a Graduate
Engineer in Electronics and Communication Technology.
PAUL OSULLIVAN
Paul is a nominee of SingTel and has been a non-executive director of Bharti Airtel since April
2004. He is also a member of the Board HR and ESOP Compensation Committees. He is the
Chief Executive Officer of SingTel Optus Ltd., Australias second largest telecom company. Paul
is also a member of the SingTel Group management committee and has significant group-wide
responsibilities. Prior to joining Optus, he held various international management positions in the
Royal Dutch Shell Group in Canada, the Middle East, Australia and the United Kingdom. Paul is a
graduate in Economics from Trinity College, Dublin and has attended the Harvard Business Schools
Advanced Management Program.
PULAK CHANDAN PRASAD

Pulak is an independent director and member of the Board Audit Committee. He initially joined the
Board as a nominee of Warburg Pincus in November 2001. Pulak is the Founder and MD of Nalanda
Capital, a Singapore based fund management and advisory company. Before creating Nalanda, Pulak
was Managing Director and co-head of the India office of Warburg Pincus, covering their India, South
and South East Asian operations. He joined Warburg Pincus in 1998. From 1992 to 1998, Pulak was
management consultant with McKinsey & Company in India, USA and South Africa. Pulak has a
B. Tech degree from IIT Delhi and an MBA from IIM Ahmedabad.
QUAH KUNG YANG

Kung Yang is a non-executive SingTel nominee. He is Vice President, International Group in
SingTel, overseeing new investment opportunities as well as existing investments in the Asian
region. Before joining the International Group, he was the Chief Financial Officer of C2C, a SingTel
Joint Venture in a regional submarine cable network, providing city-to-city connectivity on a
wholesale basis to telecommunication service providers. Kung Yang joined SingTel in 1992 and
has held various positions in Singapore and in the region, in the areas of Corporate Finance, Tax,
International Finance and Global Business prior to his current portfolio. Kung Yang is a Fellow of
the Institute of Chartered Accountants in England and Wales, a member of the Institute of Certified
Public Accountants of Singapore and a graduate of the University of Kent at Canterbury, England.
RAJAN BHARTI MITTAL
RAKESH BHARTI MITTAL

Rakesh is the Vice-Chairman of Bharti Enterprises Ltd. and the Vice Chairman and Managing Director
of Bharti TeleTech Ltd. Rakesh is a member of the Agricultural and Processed Food Products Export
Development Authouthy [APEDA] and Punjab Education Development Board. A passionate advocate
of the right to good education, Rakesh serves on the Governing Boards of many educational
institutes in India and abroad. Rakesh is also a Trustee of Bharti Foundation, which is dedicated to
the promotion of education and child welfare. He has been a Member of the National Council since
1999 and is Past Chairman of the Northern Region and various CII National Committees. Rakesh is an
electronics engineer.
Rajan is the Managing Director of Bharti Enterprises Ltd. and Group Lead Director of Bhartis
Wholesale and Retail Business. He is the Chairman of the Board ESOP Compensation Committee
and a member of the Board HR Committee. Rajan is the Vice President of FICCI (Federation of Indian
Chambers of Commerce and Industry) and Member of FICCIs Executive and Steering Committees.
He is a Member of the Managing Committee and Standing Committees of PHDCCI. He is also a
Member of the Council of Management of All India Management Association and a Member of the
Executive Committee of International Chambers of Commerce India Chapter. He was Chairman of
the Retail Committee of FICCI in 2007, Chairman of the Infrastructure Committee in 2006, Chairman
of the Telecom Committee in 2001, 2002 and 2003 and Chairman of the Telecom & IT Committee in
2004 and 2005. He was Past President of the Association of Basic Telecom Operators (now known
as - AUSPI) in 1999-2000. Rajan is also a Trustee of Bharti Foundation. He is an Arts graduate from
Punjab University and an alumnus of Harvard Business School, USA.
13
07
CEO & JMDs message

Dear Shareholders,
2008-09 was an extraordinary year in more ways than one. Even as the world economy
sailed perilously in a stormy slowdown, India remained a rare bright spot, with a
moderate, but still a healthy growth rate. For Bharti Airtel the year turned out to be the best ever with
incremental revenue of close to Rs 100bn and over 32 million new customers. Your Company achieved several significant
landmarks during the period with launch of service in Sri Lanka, and introduction of a string of new services like DTH and IPTV
for customers back home.
During the year we reached another significant strategic milestone with the realization of the One Airtel objective both at
the front end and the backend operations. Seamless integration of the backend IT and network platforms has now a symbolic
reflection at the front end, where Airtel Relationship Centres sell everything from mobile, broadband to DTH connections.
With the expansion of the product portfolio, we are today one of the most integrated telcos in the world. Nearing the 100
million customer mark, and with a presence in multiple telecom, internet and media domains, we have outpaced both scale
and operational complexities of global telecom majors.
Great teamwork has made this possible.

I would like to thank each one of our
employees for their passion and dedication
towards the cause. We have a truly worldclass leadership team in place today. I am
really proud of them. We will continue our
efforts to develop a robust leadership pipeline
for the future.
Last year was quite a revealing period for us in terms of
customer insights. Focus on affordability is no longer the
key driver as customers have become virtually agnostic to
tariffs. Their expectations have clearly moved to the next
level. Product innovations and customer service levels,
where we consistently scored over competition throughout
the year, have become more critical. Our customer empowerment strategy proved a key differentiator. At the
heart of this strategy lie robust processes that enable customers to change their bill plans or start and stop services
at will, reducing the need for intermediation.
I expect the economy to register significant recovery by the
end of 2009-10. Rural India will clearly be a key driver for
telecom growth in the country. At a penetration rate of just
below 13%, we see major potential out there. The partnerships with IFFCO and Nokia launched last year have already
created a huge transformational impact in rural India with
enhanced agricultural productivity and quality of life. We will
seek to introduce more such initiatives and bring about a
profound rural impact.
Brand Airtel is well on its way to be the Most Admired

Brand in India by 2010. Ranked second behind LIC as the
most trusted brand in the country, we are already up there.
Along with Trusted we are intent on becoming the most
Innovative brand in the country, delivering the most
exciting and creative services in all domains. The search
for new revenue streams across mobile, internet, enterprise, particularly the SMB segment will continue to be our
priority. A consistent focus on benchmarking will also
enable us to deliver cost efficient service. The business
model is set to get leaner to deliver healthy financial results
despite lower call rates.
We have really grown large in the last few years. But we
have steadfastly held on to the soul of a small company,
even as we diligently internalized structures and processes,
so very essential to sustain large operations and scale.
Passion for entrepreneurship and the agility to come out
with out-of-the-box ideas constitute the core of our DNA.
Despite our size, we have managed to keep hierarchy and
bureaucratic tendencies at bay. As we grow further, we will
continue to dream big with the soul of a small company.
Year after year, we have surpassed market expectations, and

to be honest - sometimes our own expectations - with robust
customer and revenue growth. In parallel, we have built a solid
foundation of corporate governance. Turning challenges into
opportunities has become a habit of our passionate employees
and leadership team. The coming year will be no exception.
India is going to achieve one billion telecom customers by

2015. The market dynamic will, of course, have changed
considerably by then. After crossing the 100 million mark,
we are going to be focused on the next 100 million, which
we believe will be well within our reach in another three
years time. Given the fact that under-penetrated rural India
is going to provide the bulk of the immediate future growth,
connecting the villages will be our priority in the years
to come.
From a voice-only telecom company we have transformed
into one of the most integrated telcos in the world,
impacting lives of people across several touch points. Brand
Airtel too will see a transformation. With a significantly
enhanced role in the lifestyle space, we will be seen more
as a lifestyle enabler. Our three screen strategy phone,
computer and TV has already taken us some distance on
that path. A deeper footprint of new services like
m-commerce, m-entertainment, games and exciting content
such as from our tie up with Manchester United will see the
culmination of this process.
Our partners continue to play a big role in our success.
Our ability to conceive and execute game-changing
strategies is built around their committed support. Alongside Ericsson, Nokia-Siemens and IBM in the network
management and IT space, we have been partnered by
many others in the operational space starting from distribution to customer service. We see these partnerships grow
in scale and diversity in future.
Manoj Kohli
15
08
Deputy CEOs message

Dear Shareholders,
2008-09 went down as another remarkable year in the journey of Bharti Airtel. Though
the global economic trends appeared bleak throughout last year, the Indian economy, the telecom sector and Bharti Airtel in
particular withstood the recessionary storm with remarkable poise and determination. Besides strengthening our financial
health and registering free cash flows for the first time, we also went ahead and forayed into new geographies with the
launch of Sri Lanka operations and new product categories with the launch of DTH and IPTV services. The recent past also
witnessed several competitors launching operations in different circles across India; however Bharti Airtels robust business
model was able to successfully withstand all competitive threats. In fact it indeed is a matter of great pride for me to say that
its this element of unbreakable trust which our customers share with us which has got us this far and its this relationship of
trust and faith which will take us places in the future as well.
As we continue to venture into new towns and villages, we see that our next round of acquisitions would come from youth
and rural India. There are 560 million youth in India thriving on instant gratification and experience. The future will
see the emergence of digital natives -born into digital technology, accustomed to the instantaneity of
hypertext, downloaded music, phones in their pockets on 24/7, a library on their laptops/computers and most importantly
expecting connectivity anytime and anywhere. Going forward our outlook needs to completely transform to understand their
expectations and lifestyle.
Right now around half of our new customers are rural; as

we acquire more customers this ratio could shift to up to
75%. Currently just 13% of rural India has phones, so there
is a long way to go. We will certainly have to redefine the
entire rural ecosystem, with new or revised partnerships,
brand-connect, service offerings, communication plans and
distribution strategies. One of the redefining steps in our
rural journey has been the creation of Airtel Service Centers.
We already have around 18,000 of these up and running in
villages, enabling us to cater to 400 different languages and
dialects. This concept has really worked wonders for us,
mainly because we have local people serving our rural
customers instead of town and city people. As we break
further into these markets, you will continue to observe
innovations in our rural business model that will ensure
Airtels sustained competitive advantage.
Going forward our strategy will focus on

the consumers entire wallet, not just a
share of his or her telecom wallet. We are
in the process of building an ecosystem of stakeholders
that will facilitate this shift. Already we have reached a point
at which we sell more music than the traditional music
companies and when data-pipes get broadened with 3G
and HSPA, you will see numerous other internet applications come up. We have a firm belief that for most Indians
the first internet experience, much like it was the case for
voice, will be on a wireless device. The future will without
a doubt offer us great opportunities to participate in the
revenue streams of many industry verticals such as
financial services, music, video, gaming, retail and rural
market services.
I am condent and optimistic that our commitment to
Another area of tremendous opportunity lies in the

m-commerce domain. Focus areas include:
Financial Inclusion, involving 80-85% of the unbanked
population. In future, the mobile phone will act as their ATM;
innovation, pursuit of excellence and most importantly the

drive and passion of our employees will keep us focused
and will be a signicant competitive advantage for us, as we
continue to lead and embark on our journey towards achieving
the next 100 million customers.
The domestic money-transfer market. With around Rs. 500 bn

being transferred from one part of the country to another
through post ofces alone every year, this area offers huge
opportunities and we believe that we could offer better
value-for-money here;
International money transfer. Around US$ 42 bn is transferred
to India each year. Here, instead of competing with banks and
nancial institutions, we will work with them to speed up the
offering and make it pervasive through our 1.2 million retail
outlets as no one has wider distribution reach than we have
across India.
Soon we will be crossing the 100 million customer milestone. Once we reach this memorable milestone we shall
reset our counter for the next 100 million customers and I
am confident that the next 100 million customers would
ensure the transformation of Airtel from just a telecom
brand to a lifestyle enabler. Our three screens strategy
will ensure that those next 100 million customers come
from mobile, computers and television screens. As a
leading private broadband service provider in the country
we have already enhanced our broadband speeds from
8 Mbps to 16 Mbps, making our service the fastest wireline
broadband on DSL in the country. Through the IPTV
(Internet Protocol Television Service) launch we have gone
ahead and delivered the triple play advantage of telephony,
broadband and entertainment services via a niche strategy
to our customers in select cities. On the DTH front, given
our deep understanding of the Indian customers and wide
distribution reach, we intend to go mass market with our
acquisition strategy, clearly aiming at semi-urban and
upcountry markets.
The year 2009-10 will see us complete the final lap to
achieve our Vision 2010 and we are very much on track to
be the most admired brand in India loved by more
customers, targeted by top talent and benchmarked by
more businesses.
Sanjay Kapoor
Deputy CEO
17
Unbreakable trust
As the largest telecom brand in the country, Airtel
is today counted among the select iconic brands in
Indias expansive consumer space. The brand has
traversed through several phases of evolution, riding
a string of pioneering customer centric innovations,
strategic tie-ups with global leaders and winning value
propositions. In this journey towards being the Most
Admired Brand in the country, Airtel has transformed
customer experience in communication in the most
decisive way.
Airtel touches customer lives in multifarious ways,
improving the quality of living both economically and
emotionally. From the fisherman to the farmer to
the rural artisan to the roadside vendor in the metro,
everyone has found his/her unique way of leveraging
connectivity to improve productivity.
As we move on, we believe our connectivity will open

up more avenues for economic growth. We have long
been mitigating distances connecting people to build
enduring bonds. Nurturing human relationships across
long distances has become second nature to us.
Add to that the seamless way we have been able to
integrate communication and entertainment with new
services like DTH and IPTV. With a clear and unmistakable hand in enhancing quality of life, Brand Airtel
has been able to build an Unbreakable Trust with its
customers individuals, enterprises and the like.
09
19
09
Unbreakable trust
Customers
Bharti Airtels sustained momentum over the years has been driven by a single-minded focus on its customers
and their evolving need-matrix. We have not only expanded our networks rapidly and introduced innovative
services in quick succession to enlist millions of new customers into our fold, but have been successfully living
up to, and often exceeding, our customers expectations by putting in place robust customer satisfaction
systems and processes. With close to 100 million customers, and a successful extension of the brand to multiple
screens, customer trust continues to gain strength every passing day.
Through the year, Airtels reach has expanded to cover

5,060 census towns and 414,906 non-census towns and
villages in the country, thus covering approximately 81%
of the countrys population. Increasingly, customers are
coming from the rural hinterland. This has been made
possible by a robust affordability strategy. Alongside a
continuous scaling down of tariffs, low-cost handset bundle
offers have played a key role in our rapid rural roll out.
Through our joint venture with IFFCO (IFFCO Kisan Sanchar
Ltd.), we kicked off a unique initiative to harness the power
of telecom to add value to the farm sector. The venture
provides information on key elements like weather, farming
techniques and commodity rates to the farmers to enhance
their productivity. The initiative clearly holds the potential
to trigger a Second Green Revolution directly benefitting
millions of farmers.
Customers in the metros experienced several new
innovative services during the year. Asklaila, Indias first
local information service was one of them. The service
enabled Airtel customers to get up-to-date information
about their city, free of cost, from the extensive city
information database. The asklaila-powered Airtel city
search is available across Delhi, Mumbai, Chennai,
Hyderabad, Kolkata and Bangalore.
Customer trust built in the mobile space has clearly been
extended to new areas like broadband and DTH. The
response to the DTH service, launched during the year has
been extremely encouraging. The single screen strategy is
expected to reap substantial dividends in the days to come
by creating more synergies in our operations.
Airtel continued to focus on affordability and convenience

with regard to its strategy vis--vis overseas customers as
well. We launched the virtual calling card service Airtel call
home in the UK, Singapore and Canada. We also started
the service for the US based customers who are now able
to call friends and family back in India at just one cent per
minute. Overseas prepaid recharge service is also available
online and in over 150 money exchanges in the UAE.
During the year Bharti Airtel extended its mobile services in
Lakshadeep, becoming the first private operator to do so.
Airtels trusted network entered Sri Lanka during the last
quarter amidst unprecedented customer response. We
received close to half a million bookings in the early launch
period and had to urgently fly in hundreds of thousands of
SIM cards from the nearest marketing centres in India to
meet the demand. Airtels unconditional free incoming call
has turned out to be truly revolutionary offer for customers
in the island market.
We at Hero Honda greatly treasure our relationship with

Airtel as our trusted communication partner. Backed by
its cutting edge network, Airtel has been instrumental in
setting up Hero Hondas communication backbone.
Airtel is also playing a critical role in implementing our
new project Hero Honda Connect that is aimed at
integrating our dealer operations across the country.
The partnership with Bharti Airtel is an effort to have
common vision for growth. We believe this is just the
beginning of an enduring relationship with Airtel that
will evolve as we go along.
- Pawan Munjal
Managing Director & CEO, Hero Honda Motors Ltd.
21
09
Unbreakable trust
Partners
Bharti Airtels rapid expansion has been built around its

robust partnerships with some illustrious names of the
world of business. Network management deals with Nokia,
Ericsson and Nortel and the IT outsourcing deal with IBM
have already been recognized as path-breaking partnership
deals in world telecom. Over the years these relationships
have moved up several notches in terms of size.
Entrusted with managing some of our critical processes, our
partners have been integral to the achievements of Airtel.
The success of these partnerships has enabled us to focus
on our core competences of marketing and service. Over
and above the broad management partnerships in network
management and IT, we have entered numerous partnerships in different operational domains with companies like
IFFCO. Complementarities and mutual trust have played a
key role in the success of these alliances.
Our strategic decision to move our towers into separate

companies with the objective to share those with other operators and thus leverage the resulting synergies, is starting
to show results. Both our subsidiary Bharti Infratel Ltd. and
joint venture company Indus Towers Ltd. have become fully
operational in the year gone by.
Besides the big partnerships, Bharti Airtel is also engaged
with a large number of smaller partners across the country. Supply chain is tirelessly working on new initiatives to
enhance transparencies and operational efficiencies of the
partnerships.
Regular feedback from partners through formal partner
satisfaction surveys and Annual Supplier Meetings have
played an important role in developing these enduring
relationships.
The relationship between Ericsson and Airtel extends beyond the typical vendor/
operator engagement. It is one based on an unbreakable trust with the full condence
that we will execute together.
- Carl-Henric Svanberg
President & CEO Ericsson
People
Through the year, a large number of initiatives were undertaken to further reinforce the long-term People strategy that
we have been pursuing since long.
We remained intent on fine-tuning our Talent Management
Process to offer growth opportunities to employees within
the organization. The majority of our senior positions were
filled from our internal talent pool. A large number of our
senior executives moved to take on higher responsibilities
across business units and regions, offering them entirely
new perspectives and personal career growth opportunities.
Providing continuous learning and development opportunities to the employees remains a key element of our
retention strategy. Learning initiatives at Bharti Airtel are
highly customized and relevant to our needs and the
specific challenges and work situations. Most of the
programs are centralized to ensure standardization and
quality inputs for the employees.
People have been at the centre of our success as an

organization. There is a constant endeavour to position
Bharti Airtel as a preferred place to work for top
talent. Over the years we have continuously refined and
improved our long term HR strategy to attract and retain
the best talent available in the market. Our employee
engagement and development programs too have turned
out to be extremely productive. Our sustained efforts on
this score were once again recognized by yet another
Gallup Great Workplace Award. This places Bharti Airtel
among the top 20 companies worldwide as one of the
most sought after workplaces. This has clearly been
made possible by the high level of trust that the organization has been able to generate among its employees.
23
09
Unbreakable trust
People
There are various processes through which we get employee development inputs. Employees and managers are
fully empowered to identify their development needs and
capture this in an online system. This encompasses both
behavioural and functional needs. The Talent Management
processes give inputs with respect to future needs and
also take into account organizational priorities that define
the capability building needs. For our middle management
development programs we work closely with premier organizations like IIM Ahmedabad, IIM Bangalore and Centre for
Creative Leadership (CCL) for general management, partner
management and Leadership development and people management skills respectively.
People management skills are our key focus area. We
have structured intervention programs at all levels to bring
in this cultural shift. For our first time managers we have
developed a customized program called Winning Through
People. For the middle management we have an intervention program known as Accelerating Performance Through
People. These programs encompass skills in effective
communication, motivation, coaching, feedback, empowering and developing people. The program also gives inputs to
managers on key Airtel processes which they can leverage
to manage teams effectively. To support this culture shift
we have instituted awards to recognize Best People
Managers.
The Continuous Education Program (CEP) provides opportunities to all our junior management and frontline employees
to undertake external distance learning training programmes
from premier institutes while working. The focus on continuous learning has proven to be a great retention tool in a
highly volatile environment.
Being a reverse mentor was a unique

opportunity that one seldom nds.
Interacting with someone so experienced
and learned gave me immense condence
in my day to day life. Weve had serious as
well as fun-lled discussions on every topic
under the sun, yet the comfort level was
so high that I ended up gaining a lot more
than I could ever imagine.
- Pooja Bajaj
Assistant Manager, Airtel Enterprise Services
Alongside new opportunities for learning and development,

we have also consciously worked on performance enhancement tools and processes, and better work-life balance.
Through our e-tize workflow enhancement program we have
simplified approval processes and ensured transparency and
fairness in all formal employee transactions. This includes
key HR processes such as Competency Assessment and
Performance Assessment. Administration oriented processes such as routine approvals too have been brought under
the ambit of the program. The e-tize workflow enhancement
program has moved one step further during the year.
At Bharti Airtel we have created a unique HR process to
keep our senior management updated about the changing
environment to sustain their professional and personal edge
in the long run. Known as Project Rock On, the primary
scope of the initiative is reverse mentoring by the younger
generation. The senior leader internalizes the new advents,
latest technologies and developments in the external world
through his/her interaction with a young manager. The focus
is also on understanding youth behaviors, their expectations,
lifestyles and their thought process.
A lot of planning and research goes into identifying and
matching the profiles of the mentors and mentees. The
screening process entails profiling candidates, analysis of
their hobbies and interests. Once the mentors have been
identified, the planning starts to pair them with the mentees. Matching the personality types, individual interests
and hobbies as well as the special needs of the mentor are
considered critical. After the initial trial with the top team,
this initiative will most certainly be rolled out across all circle
executive committee teams.
25
10

In todays competitive environment, businesses continue
to be under pressure to focus their energies on achieving
their business goals and objectives. But an equally powerful
imperative to reach beyond business processes and goals
has also gained ground. At Bharti Airtel, we have always
believed that business success cannot be an end in itself
rather it is a means to a set of higher socio-economic goals.
Over the years we have made a conscious effort to reach
out to society at large, as much as we have striven to
promote the interests of the stakeholders in our business.
In 2008-09, we undertook many initiatives in the social

welfare space. We firmly believe that our efforts are
creating a long lasting impact on our stakeholders, both
internal (employees) and external (customers, suppliers
and the community). Internally, we have been able to
make transformational changes in the workplace to build
on employee trust. Similarly the trust of our external
stakeholders has further strengthened through our
involvement in various life spaces education and training,
health, environment.
Educate and Inspire

Indias most conspicuous advantage lies in its demographic situation - its youthful population. When more than 54% of its
population belong to the below-25 age bracket, the challenge for the country obviously lies in preparing this large segment for
gainful employment - to make it a powerful productive force. Education, of course, plays a critical role in making this possible
and we have taken a conscious decision to focus a substantial part of our philanthropic activities on the promotion of
education, particularly in the far flung villages, which continue to struggle with poor infrastructure.
Most of our welfare activities are routed through Bharti Foundation, the philanthropic arm of the Bharti Group. Set up in 2000,
the Foundation has been working towards improving access to quality education in rural India. Here are some of the programs
and projects that Bharti Foundation is undertaking to impact the quality of education in the country:
At the grassroot
Satya Bharti School Program (SBS)
Create temples of learning radiating knowledge and excellence for
underprivileged children
The Satya Bharti School Program is the flagship program
of Bharti Foundation. Launched in 2006, it aims to make
available high quality education to poor and under-privileged
children especially the girl child. Within just a few years of
its existence, it has indeed become recognized as one
of the most powerful programs in the arena of primary
education. The Foundation is responsible for end-to-end
management of the schools, right from construction to
imparting of education.
The Program operates with a two pronged approach. On
the one hand, the Foundation builds new primary schools
from scratch and operates them on its own with active
support from local communities. On the other hand, it also
partners the State Governments to adopt already existing
government primary schools with the aim to improve their
overall performance and functioning, following the same
curriculum philosophy and quality standards as their own
primary schools.
The schools, constructed by Bharti Foundation are designed
to be cost effective, child and environment friendly. The
curriculum for these schools has been creatively designed

to empower children to look at education not as a task but
as an experience that contributes towards the development
of important life skills and values in addition to linguistics
and mathematical skills.
Community participation plays a big role in the running of
these schools. The Foundation has quite successfully
enlisted the support of the village panchayats and local
bodies in running these schools. Community participation
is ensured through various modes like contribution of land,
sponsoring of mid-day meals and its utensils, sponsoring of
materials used in school construction, sponsoring of stationery for use in schools and also to monitor school activities.
The Satya Bharti School Program has made significant
progress since its inception in 2006. In just two years, 158
primary schools have become operational. Over 17,000
underprivileged children have been enrolled, of which 48
per cent are girls.
By the completion of Phase one, the Foundation aims to
operationalize 236 primary schools reaching out to approximately 50,000 children across Punjab, Haryana, Rajasthan,
Uttar Pradesh and Tamil Nadu.
Satya Bharti Senior Secondary School Program
To ensure continuous access to quality education for

children of its primary schools, Bharti Foundation plans to
set up one Satya Bharti Senior Secondary School, in
public-private partnership mode, over a cluster of 8-10 Satya
Bharti Primary Schools. In addition to regular academics,
these schools will provide vocational training opportunities
to children to help them gain employment within their own
village upon completing their schooling. Establishment of
senior secondary and vocational training schools is in
process; they will become operational shortly.
27
Other educational programs

Support Talent to Bloom Scholarships
and Mentorship
Bharti Scholarship and Mentorship Program aims to help academically bright students with limited financial means to pursue
higher education in management, engineering (electronics, telecom and software) and agriculture. Ever since its inception the
program has expanded its scope and coverage to include students from more regions and disciplines. Today the program
supports 224 scholars in 38 premier institutions of higher education across 26 states.
The Foundation also supports 40 underprivileged girls through the Scholarship Program under the Bharti Udayan Shalini
Fellowship Program. This scholarship extends support to only girl students from underprivileged background to pursue higher
education and vocational training courses. Periodic workshops on topics like career counseling and personality development,
peer handholding (by senior fellows of previous years) and mentoring by interested individuals from civil society form a strong
component of the program.
Bharti Foundation has also made a substantial contribution to the Dr. Manmohan Singh Undergraduate Scholarship Program
at the University of Cambridge, as one of its promoters. The Program provides full funding, covering fees and means tested
maintenance for undergraduate study in any subject at any of the colleges that are part of the University of Cambridge.
Building Centres of Excellence
Other initiatives
Bharti Foundation has joined hands with premier institutes

in the country to further the cause of higher education and
training in the area of technology and management.
Bharti Foundation has also supported and facilitated several

initiatives in the field of primary education over the last
few years.
Bharti School of Telecommunication Technology and

Management, IIT, Delhi, operational since 2006 provides
education and training opportunities to academically bright
young people to develop future leaders and entrepreneurs.
Every year, the school impacts 200 students directly or
indirectly. The School extends access to its state-of-theart facilities not only to its own scholars but also scholars
pursuing other courses.
26 Bharti Computer Centres and 104 Bharti Library and

Activity Centres were set up by the Foundation in partnership with other NGOs like Pratham, Infotech, Kalakar Trust
and Adarshila. Presently being run as independent units,
these centres aim to make books and technology accessible
to children in the rural pockets of the country.
Bharti Institute of Public Policy will be established at the

Indian School of Business (ISB) campus in Mohali, Punjab to
promote research and excellence in Public Policy.
I love going to school because it has

a computer and my teachers let me
sit on the computer everyday.
- Sukhjeet
Student, Satya Bharti School, Ladhowal
Over the years, Bharti Foundation has successfully

extended the ambit of its programs to new areas. Its
programs have directly and indirectly impacted more than
150,000 children and youth so far. The Foundation expects
to reach out to more than 200,000 children through its Satya
Bharti School Program in the future.
Bharti Centre for Communication in IIT, Mumbai, launched

during the year strives for excellence in research in communication theory and systems and fosters technical collaboration between research and user groups.
The Foundation has also supported the Mid-Day Meal

Program, in partnership with Akshaya Patra.
29
10

Besides initiatives in the focus area of education,
we undertook several other measures in the areas of
health, environment, and disaster management support.
The involvement of large numbers of employees across
businesses was particularly heartening.
Public Health
We firmly believe that mobile telephony empowers users to
connect with each other in unheard of ways to overcome
difficult situations. We have discovered a novel way of
extending our spirit of innovation in the area of blood donation
by finding a mode to connect the blood banks with donors
and users. Mobility Tamil Nadu extended its association with
Jeevan Blood Bank in Chennai under its Airtel Cares for
Everyone (ACE) project. This first of its kind initiative enables
people to get information on availability of blood within
minutes and access the real time stock of tested blood
components from Jeevan Blood Bank 24 hours a day. Airtel
already has a partnership with Jeevan, in which a few
numbers have been provided free of cost for Jeevan to stay
in touch with people wanting to donate blood and patients in
need of blood. Mobility Karnataka too launched a virtual blood
bank to bridge the gap between donor and recipients.
Like in previous years, circle organizations regularly organized
blood donation camps in association with Rotary blood bank,
Lions blood bank and International Red Cross to encourage
employees to donate blood.
We also worked towards creating awareness about different
diseases and their preventive measures among employees.
Rural Empowerment
Our rapid rural penetration enables us to impact lives in Indias
far flung villages. Our connections have turned out to be key
catalysts in the rural areas both in terms of economic
productivity and governance.
The E-Gram project initiated last year has already made a huge
transformational impact in rural Gujarat, as citizens no longer
have to travel long distances to get routine official work done.
The initiative has truly carried the government to the villagers
doorstep. We are determined to help initiate many such
e-governance initiatives in the future as well.
Impact of our business on the rural economy has been quite
profound. We have successfully connected the rural farmers,
the artisans and the small entrepreneurs to their markets,
raising their incomes substantially. During the year we
launched a path-breaking project in the shape of our joint
venture with IFFCO IFFCO Kisan Sanchar Limited (IKSL).
IKSL is making a discernible impact on agricultural productivity
through its timely information offerings in the area of weather
forecast, commodity rates and farming techniques. To ensure
rapid dissemination of the services we are also providing
affordable handsets to the farmers.
Support and inspire the young

and vulnerable
On Childrens Day they visited nearby schools with goodies

and gifts for the students and shared some warm moments
with them. They engaged the children with unfilled games,
singing and painting competition. At the TNG Head Office,
the employees conducted a charity auction of childrens
paintings. All collections from this were donated to the SOS
Childrens Village.
Employees in Mobility Karnataka and Mobility Assam
undertook several initiatives to bring smiles to people living
in orphanages and old age homes. Airtel Team in Mangalore
(Karnataka) celebrated Diwali with children at Prashanth
Nilaya, an orphanage for girls. Employees of Mobility NESA
too visited an orphanage and an old age home to celebrate
Bihu there.
Like last year Mobility Tamil Nadu joined hands with a local
voluntary organization on World Disability Day to organize a
funfair to cheer the exemplary spirit of individuals who have
risen above their disabilities to make a difference to their
own lives and to the society. Gift A Smile was one more
initiative for visually challenged children by CSR volunteers
of Bharti Airtel Transport National Group. The volunteers

visited National Association for the Blind (NAB), a school
for taking care and grooming the visually impaired children
to understand their disability and inspire them to look at
life more positively. Various fun-filled activities like Dancing
& Painting Competition, Poetry Recitation and Storytelling
were organized followed by a Prize Distribution ceremony.
Telemedia North hub has adopted Prayas, a national level
voluntary organization (NGO) functioning in collaboration
with the Delhi Police, Delhi School of Social Work
(University of Delhi), and various governmental, bilateral
and non-governmental organizations. The organization is
deeply committed to the cause of neglected, disadvantaged
and deprived children, youth and women from underprivileged communities in slums / rural areas of Delhi and in
the states of Gujarat, Bihar, Assam, Arunachal Pradesh and
Haryana. Every month Telemedia North donates proceeds
from its scrap sale to Shruti, an NGO focused on education
for education of the vision impaired.
Employees across businesses and circle organizations have

always been keen to extend a helping hand to children from
the poor and deprived sections of the society. Through the
year, several initiatives were undertaken by employees, a
handful of which are presented here:
31
Think Green
Bharti Airtel believes in the philosophy of 4Rs - refuse, reduce,
reuse and recycle. The philosophy extends to all our acts in
our offices and on our sites. We have stepped up our efforts
towards energy conservation by sharing infrastructure, using
technology aids like video conferencing to reduced travel and
deploying green shelters. At our offices, we have deployed
waste water recycling, energy efficient lighting, the concept
of the energy wheel, air curtains on major office exits and
disposal mechanisms for discarded oil. We have also teamed
up with global majors to form teams focusing on energy
optimization by way of introducing energy-efficient equipment
and exploring alternate energy sources like solar, wind,
bio-fuel / hydrogen etc. to reduce the environmental impact.
Green Shelters at cell sites has reduced operational costs by
as much as 40% as compared to conventional shelters. Airtel
has saved over 75mn liters of diesel and over 400mn KWH of
energy on an annualized basis, translating into approx.
US$ 100mn in energy savings alone. Carbon emission has
reduced by over 500,000 mt annually by deploying green
shelters at all our sites across India.
As an environment conscious organization, Bharti Airtel
constantly explores all possibilities to control energy
consumption and reduce green house gases on priority basis.
We have set up dedicated teams to deal with energy
efficiency and renewable energy. The teams are led by top
management, which shows the commitment to the cause.
There is a constant endeavor to install the latest energy
efficient equipment and control systems in all facilities such
as BTSes, data centers and MSCs. Applications of renewable
and alternate energy are being taken up to install solar hybrid
towers for BTSes, use of alternate fuels to operate DG sets,
obtaining wind energy for the bulk consuming loads.
Bharti Airtel is the first company to apply for carbon credits

by implementing energy efficiency power interface units
and back-up cooling systems in BTS. Energy councils were
set up across the businesses to implement energy
efficient initiatives.
The World Environment Day was celebrated with much
enthusiasm across circle organizations. Each one Plant
one, a campaign launched by Mobility Tamil Nadu symbolized employee commitment to the cause. In Mobility
Gujarat employees celebrated by wearing green, and
adopted car pooling to minimize pollution.
We have automated many of our HR processes through an
innovative technology program called e-tize. Airtel
employees conduct their day-to-day work through this
comprehensive automation journey, touching all core
domains; Learning and development, Leave management,
Compensation management, expense management and
travel management. All this have reduced employee
interface processes to the click of a button, significantly
improving employee motivation and comfort.
Alongside a dramatic transformation in work processes,
e-tize delivers equally powerful dividends in terms of
environment friendliness. Employee touch point automation
initiatives manage to save approx 600,000 sheets of paper
every year.
Airtel follows WEEE norms to dispose of

end-of-life electronic equipment enabling
responsible recycling.
Disaster Relief
During the year states like Bihar, Bengal, Orissa and Assam faced several natural calamities in the shape of floods. As a
responsible corporate Bharti Airtel and its employees rose to the occasion to support the flood victims both in terms of
financial contributions and donation of relief materials. Employees in circle organizations and business units went on a
collection drive to raise substantial amounts of relief materials for the flood victims. Bharti Foundation made a contribution
of Rs. 30mn to the Prime Ministers Relief Fund for supporting the governments relief work in the flood affected areas.
Natural disasters are always better handled with an early warning system in place. With this in mind Bharti Airtel has joined
hands with Massachusetts Institute of Technology (MIT) to develop an early warning system to predict floods at least 15 days
in advance. Under the agreement, we will provide data about the water-levels of various rivers at different points and the
status of embankments to the institute, while MIT will analyze this data by super computers vis--vis other references drawn
in from satellites. This novel approach follows encouraging results from a pilot project we undertook in four districts of Bihar
- Muzaffarpur, Vaishali, Samastipur and Darbhanga in July 2008. We strongly believe the success of this early warning system
will open the door for many such initiatives across the country, which has a topographical diversity that exposes it to a variety
of natural disasters.
33
10

Innovation and EntrepreneurshipRekindle the spirit
Innovation and entrepreneurship have been at the core of
Bharti Airtels phenomenal market penetration and growth.
It has always been our desire to spread this spirit to the
wider society. The Company therefore launched the Airtel
Innovation Fund aimed at promoting innovation and
entrepreneurship in the field of telecommunications. The
objective of the first such Funds in telecom is to provide
opportunities to entrepreneurs with a vision to build
businesses based on innovative ideas. The Fund has an
initial corpus of Rs. 2bn and will be led and administered
by Bharti Airtel.
Sporty ways - Ensuring a

healthy future
Cultural Connect Be one with

Indias diversity
Promoting a sporting culture and developing a keen awareness about healthy living is a priority for us. Through the
year, it has been our consistent endeavor to promote such a
culture both within the organization and outside.
Over the years Bharti Airtel has carved out an enduring

relationship with Indias hugely diversified culture. We
have built this relationship by diligently investing in popular
cultural events in different regions of the country. These
relationships continued through the year, be it the famous
Dahi handi festival in Maharashtra or for that matter the very
popular boat races in the Kerala backwaters.
Airtel Delhi Half Marathon was our biggest initiative on this

front. The mega event enabled Delhis young and old to rub
shoulders with professional marathoners on Delhi roads
to rediscover the joys of running. The event was a rousing
success, in which more than 30,000 participated. We are
certainly going to continue our association with this premier
event in future.
To enhance employee involvement in sports, Airtel Centre
and circle organizations continued organizing internal sports
events through the year. Like last year, the Airtel 20:20
Cricket Cup was a grand success, in which all the circle
organizations and the businesses participated with
much enthusiasm.
Circle organizations have been actively promoting local

music and dance festivals. Mobility Orissa continued its
association with the states premier annual cultural show,
the Konark Dance & Music Festival. The festival helps
connect the wider public to the rich cultural tradition of
the state. Mobility NESA supported the annual Kameswari
Dance Festival, where noted classical dancers and singers
from across the country participated.
Another association that we are extremely proud of is our
support for Habba, Bengaloorus biggest cultural festival
celebrating the spirit of the city. The annual festival
showcases every conceivable element of the regions
culture so successfully starting from music, dance, fashion
to craftsmanship.
Bharti Airtels continuous support to these events have kept
the countrys rich cultural roots fresh in the public mind.
Many struggling art forms have received a new lease of life
because of our associations with them.
ACT A Caring Touch

ACT is an employee philanthropy programme that
encourages all Bharti Group employees to contribute time,
skills, knowledge, materials and money to either Bharti
Foundation or any other charitable organization of their
choice empanelled in ACT. Employees across our
businesses and circle organizations have regularly donated
stationery and teaching materials to the students of nearby
Satya Bharti Schools. To facilitate employee
volunteering on a larger scale, Bharti Airtel continues its
policy of offering one days paid leave to all employees.
Mobility Karnatakas institutional team decided to welcome
2009 with a message of WE CARE. Under the Program
all the team members will be donating a recurring amount
(ranging from Rs. 50 to Rs. 250) over the next 12 months
for various Bharti ACT initiatives through the ACT portal.
The Company will be making a matching contribution to
support the cause.
Employees in the circle also joined hands with Pragati
Educational Foundation to sponsor the education and its
related expenses for 18 girl students with excellent past
educational track records. Other employees from Bangalore
are acting as mentors to these children and assisting them
in their academics.
Bharti Airtels success as a business entity only inspires
us to be more ambitious in the social arena. Even as we
try to align our business priorities to make an incremental
impact on the quality of life around us, we remain equally
determined to transcend our business arena to trigger big
transformational changes in the socio-economic landscape
through our CSR initiatives. While Bharti Foundation will
continue to be the principal channel for our CSR initiatives,
we will always be keen to align our business processes
and goals to make a more deep rooted impact on the
society directly.
The training has helped us know more about

a great impact on the tender mind of a child. If
we know that we can teach G for God why should
we teach G for Gun to a child to make him an
unsociable citizen? We enjoyed the hands-on
practice of lesson planning and while doing so
we were reminded of our B.Ed days.
- Raghveer Singh
Teacher, Satya Bharti School, Ladhowal
ourselves. Now we know how a small thing leaves
35
11
Awards & Honours

Bharti Airtel was given many awards during the year.
Some of these awards are listed below:
At the Telecom Asia Awards 2008 we received the Best
Carrier India Award for innovative products and services
and efficient cost models. We also received the Ovum
Telco-Transformation Award, for the philosophy and
execution of our outsourcing strategy
Retailer of the Year - Telecom Services Award at the Asia
Retail Congress 2009 in Mumbai
Best Mobile Music, TV or Video Service Award at the
GSMA Asia Mobile Award 2008, for creating a uniquely
intuitive, personalized user experience of music on mobile
with our Music-on-Demand service
From the World Communication Awards 2008 we went
home with 3 awards: Best Content Service Award, Best
Project Management Award and the Airtel-IFFCO Farmer
Information Dissemination Platform project was awarded
the Best Content Service Award
At the 7th Frost & Sullivan ICT Awards 2008 we were
honoured with Market Leadership awards in the Large
Enterprise Telecom Services, Wholesale Data Services
and Mobile Services categories
Airtel digital TV was rated as the number 1 DTH operator
in the country by Living Digital magazine, the largest
specialty media house in South Asia and amongst Indias
top five magazine publishers
Airtel won the Platinum Trusted Brand Award in the

Mobile Service provider category in the Readers Digest
Asia Trusted Brands Survey
Bharti Airtel had the distinction of being amongst 20
companies worldwide and the only one in India, to be
honoured with the Gallup Great Workplace Award
Airtel was honoured with the prestigious Wireless Service
Provider of the Year Award at the 2008 Frost & Sullivan
Asia Pacific ICT Awards
Airtel was voted as the Best ISP in the PC World
Broadband Survey conducted by PC World - one of Indias
leading technology magazines published by IDG
IDG Indias CIO magazine recognized us as a recipient of
a 2008 CIO 100 Award. We were also one of the five
recipients of the Special 2008 CIO Security Award
Appreciation award for significant contribution towards
Service tax (2008) Department of Customs and Central
Excise (Delhi Range), Govt of India
Buzziest Brands of the Year 2009 agencyfaqs
Ranked 3rd among Indias 500 most valuable companies;
Ranked 2nd among Top 500 profit earners; Among Indias
Best Marketers - Business Today 2008
Among 50 Best listed companies in Asia Pacific Forbes 2008
We were adjudged the winner of the Nasscom-CNBC TV

18 IT User Award 2008 for the Telecom vertical
Ranked 21 among Best performing IT companies in the

world - 2008 Business Week IT 100
Jointly with our partner IBM we won the Technology

Managers Forum 2008 Best Practice Awards programme
in the Business Process Improvement category for our
e-tize project
Best Project Management Award for our Gujarat e-GRAM

project - World Communications Awards 2008
We were voted as the Best Cellular Service Provider and

Best Broadband Service Provider at the 2008 Voice &
Data 100 Awards
In a survey conducted by The Wall Street Journal to determine Asias 200 most-admired companies Bharti Airtel
was voted Indias most innovative company
Airtel was voted the 2nd Most Trusted Service Brand in
the Annual Economic Times-Brand Equity, Most Trusted
Brands survey
Worlds 25 Most valuable Telecom Brands; Ranked 8th

among Top 50 most valuable (company) brands - Brand
Finance Plc 2008
Ranked among 50 largest and most liquid companies in
BRIC countries - Dow Jones BRIC 50 2008
Most Admired Organization, Best National Mobile
Operator, Best Internet and Broadband Operator,
Best Ad Campaign Telecom Operator Awards 2008
Best Telecom Company NDTV Profit Business Awards
NDTV PROFIT AWARD

Business Leadership Award, 2008
Sunil Bharti Mittal Chairman and Managing Director was

presented with the following personal awards and
distinctions:
Business Leader Transforming India Award 2008 at the
NDTV Profit Business Awards
U.S.-India Business Councils Global Vision Award. This
prestigious award recognizes his entrepreneurial zeal and
contribution to Indian business
GSMA Chairmans Award, 2008 - GSM Association
Telecom Person of the Year - Tele.net Telecom Operator
Awards, 2008
Joined the Telecom Board of the International Telecommunication Union (ITU), first Indian to join the Board
Joined the Board of Trustees of the Carnegie Endowment
for International Peace. Sunil Mittal is the first Indian
to join the Board of this global think tank.
GALLUP GREAT WORKPLACE

2008 Award Winner
BUZZY GOLD 2009 AIRTEL

The Buzziest brand of the year
37
When a gifted team dedicates itself to

unselsh trust and combines instinct
with boldness and effort, it is ready
to climb.
- Patanjali
Directors report
12
Dear Shareholders,
Overview
Bharti Airtel is one of Asias leading providers of
telecommunication services with presence in all the 22
licensed jurisdictions (also known as Telecom Circles)
in India, and in Sri Lanka. The Company served an
aggregate of 96.6 mn customers as of March 31, 2009;
of whom 93.9 mn subscribe to GSM services and 2.7
mn use Telemedia Services either for voice and/or
broadband access delivered through DSL. The Company
also offers an integrated suite of telecom solutions to
enterprise customers, in addition to providing long
distance connectivity both nationally and internationally.
The Company also deploys, owns and manages passive
infrastructure pertaining to telecom operations under
its subsidiary Bharti Infratel Limited. Bharti Infratel owns
42% of Indus Towers Limited. Bharti Infratel and Indus
Towers are the two top providers of passive infrastructure
services in India.
During the financial year 2008-09, the Company
achieved various accomplishments and became the
largest integrated telecom company in India based on
total telecom subscribers.
Some of the key highlights include the following:
First operator in India to cross the total customer

base of 96 mn
Highest net addition of 31.93 mn of total customers

in a year
Full year consolidated gross revenue of Rs 374 bn

and consolidated EBITDA of Rs 153 bn
Full year consolidated net profit of Rs 79 bn
Year on Year (Y-o-Y) growth of total customer base

by 50% resulted in 38% increase in revenues and
23% increase in net profit
Mobile Network is present in 5060 census towns

and 414,906 non-census towns and villages in India,
thus covering approximately 81% of the countrys
population
Focus on rural penetration and customer affordability

has led to mobile tariffs of 1.2 cents/minute, one of
the lowest in the world
Expanded its international footprint by launching

mobile operations in Sri Lanka on a state-of-the-art
3.5G network
Made its television debut by launching Airtel Digital

TV, its Direct-to-Home (DTH) satellite TV service
Debuted Triple Play service with Airtel digital TV

interactive its Internet Protocol Television Service
in NCR under a unified brand Airtel
FINANCIAL RESULTS AND RESULTS OF

OPERATIONS
Financial highlights of Consolidated Statement of
Operations of the Company
(Amount in Rs. mn, except percentages)
Particulars
Year ended
31-Mar-09 31-Mar-08
Gross revenue
EBITDA
Cash profit from
operations
Earnings before
taxation
Net profit/(loss)
Y-o-Y
Growth
373,521
152,858
135,769
270,122
114,018
111,535
38%
34%
22%
85,910
73,115
17%
78,590
63,954
23%
Financial highlights of Standalone Statement of

Operations of the Company (legal entity)
(Amount in Rs. mn, except percentages)
Particulars
Year ended
31-Mar-09 31-Mar-08
Gross revenue
EBITDA
Cash profit from
operations
Earnings before
taxation
Net profit/(loss)
Y-o-Y
Growth
340,143
131,918
115,686
257,035
106,848
104,369
32%
23%
11%
81,615
69,725
17%
77,438
62,442
24%
LIQUIDITY
The Company meets its working capital requirement by
having suitable commercial arrangement with its
creditors and sufficient stand by credit lines with banks
and financial institutions and operates a robust cash
management system to ensure timely availability of funds
and its deployment. The Company has been able to
optimize finance cost and generate funds for expansion
by minimizing the amount of funds tied up in current
assets.
As on March 31, 2009, the Company has cash and
bank balance of Rs. 27,660 mn and marketable
securities of Rs. 23,422 mn. The Company actively
manages its short-term liquidity to generate optimum
returns via investments made in Debt and Money
Market instruments including Bank Fixed Deposits &
Certificates of Deposits, Liquid and Income Debt Fund
schemes, Fixed Maturity Plans and other similar
instruments.
TRANSFER TO RESERVE
Out of total profit of Rs. 77,438 mn for the financial
year 2008-2009, an amount of Rs. 6,000 mn is
proposed to be transferred to the General Reserve.
Your directors have pleasure in presenting the fourteenth

annual report on the business and operations of the
Company together with audited financial statements and
accounts for the year ended March 31, 2009.
39
1 Director Report 39-67.p65
39
7/22/2009, 8:06 PM
DIVIDEND
Your Board of directors in its board meeting dated 29th
April, 2009, has recommended a final dividend of Rs. 2
per equity share of Rs. 10 each (20% of face value) for
the financial year 2008-09. The total dividend payout
will amount to Rs. 4,442 mn, including Rs. 645 mn as
tax on dividend. The payment of dividend is subject to
the approval of the shareholders in the ensuing Annual
General Meeting of the Company.
SUBSIDIARY COMPANIES
Your Company has the following fourteen subsidiary
companies (i) Bharti Hexacom Limited (ii) Bharti Airtel
Services Limited (iii) Bharti Telemedia Limited (iv) Bharti
Infratel Limited (v) Bharti Infratel Ventures Limited (vi)
Bharti Airtel (UK) Limited (vii) Bharti Airtel (USA) Limited
(viii) Bharti Airtel (Canada) Limited (ix) Bharti Airtel
(Hongkong) Limited (x) Bharti Airtel (Singapore) Private
Limited (xi) Bharti Airtel Lanka (Private) Limited (xii) Bharti
Airtel Holdings (Singapore) Pte. Limited (xiii) Network i2i
Limited (xiv) Bharti Infratel Lanka (Private) Limited.
As per Section 212(1) of the Companies Act, 1956,
the Company is required to attach to its accounts the
Directors Report, Balance Sheet and Profit and Loss
Account etc. of each of its subsidiaries. As the
consolidated accounts present a complete picture of
the financial results of the Company and its subsidiaries,
the Company had applied to the Central Government
seeking exemption from attaching the documents
referred to in Section 212(1). In terms of approval
granted by the Central Government under Section
212(8) of the Companies Act, 1956 vide letter No. 47/
212/2009-CL-III dated 30-03-2009, a copy of the
Balance Sheet, Profit and Loss Account, Reports of the
Board of directors and Auditors of the subsisting
subsidiaries for the year ended March 31, 2009 have
not been attached with the Balance Sheet of the
Company. The Annual Accounts of these subsidiary
companies, along with the related information, is
available for inspection at the Companys registered
office and copies will be made available to Bharti Airtels
investors and subsidiary companies investors upon
request. The statement pursuant to the approval under
Section 212(8) of the Companies Act, 1956, is annexed
as parts of the Notes to Consolidated Accounts of the
Company on page no. 191.
QUALITY
Quality is at the core of everything we do at Airtel. It
supports all internal functions in delivering to customer
requirements through customer centric processes and
products. Continuous improvement and innovation is
embraced throughout the Airtel ecosystem, fostered by
a philosophy of getting it right the first time by driving
issues to root cause and eliminating repeat problems.
We firmly believe quality begins with our employees
and continuously invest in their training and
development. A few initiatives which are ingrained in
the DNA of Airtel are lean six sigma, process
standardization and variation reduction, six sigma plus
and knowledge management.
We have a proven track record of pursuing quality
management systems. Our processes have been
benchmarked with global best practices and standards,
with rigorous assessments regularly conducted on them
40
by reputed external assessors. Our ISO27001

implementation is amongst the largest globally, and our
ongoing BS25999-compliant BCP implementation is
amongst the largest in Asia. Airtel is TL9000 and PCI
DSS compliant, and its IT infrastructure and processes
are compliant with COBIT and ITIL best practices. We
are also implementing SAS 70 across the BPO partners.
BRANDING
Brand Airtel moved closer to its vision to be the most
admired brand by 2010. Airtel sustained its momentum
in the telecom space by getting closer to the 100 mn
subscriber milestone and extended the brand to TV
screens by launching DTH TV services and IPTV.
For the mobility vertical, the over-arching brand
philosophy focused on strengthening the brands
perception as a trustworthy service leader. A segmented
approach stretched the brands relevance across socioeconomic segments of over 300 mn mobile users in the
country.
The businesss rural thrust was supported by network
and handset bundle campaigns to drive acquisition
amongst non-users. The rural network campaign
positioned the role of the ubiquitous Airtel network as
that of a radar that allowed the rural youth to discover
their aspirations that stretched beyond their villages,
while simultaneously being in touch with their near ones
back home.
Low cost handset bundles (Airtel connection with entrylevel handsets) were promoted through a national
campaign supported by on-ground roll-out of
demonstration vans in the rural hinterland. The on-air
campaign focused on the need for owning a handset
bundle and the on-ground vans focused on driving
activation through live demos and activation offers in
village haats and melas. For the urban centers, the
brands belief in a barrier free world was extended to an
on-ground manifestation through the ownership of the
Airtel Delhi Half Marathon. This brand asset
strengthened the brands iconic leadership stature.
Airtels mCommerce solution which won an award for
simplicity of use and inbuilt security features at the GSM
World Mobile Congress, was launched using impactful
communication that clearly focused on how this new
service makes life simple. The service which transforms
your mobile phone into a payment device is now being
adopted by consumers at an accelerated pace.
Communication for value added services like Voice
Search for Hello Tunes and Voice SMS drove brand
affinity amongst the youth segment.
Operations in Sri Lanka were launched with a highvoltage launch campaign Hello Sri Lanka featuring
Airtels brand ambassador Shahrukh Khan. This led to
an unprecedented demand for application forms before
launch. The mega launch was followed by a series of
tariff campaigns which changed the game in this market.
Using the platform of simplification, Airtel managed
to reposition competition as complex and unfriendly
towards the user. An unprecedented demand for Airtel
connections was witnessed post these campaigns. The
subscriber base is currently accelerating towards the
1million mark in record time.
7/21/2009, 9:23 PM
By the end of the year, the brand health scores reached

an all-time high. The year was dotted with multiple
industry accolades including four ABBY Awards, two
EFFIES Awards, WOW Award for the Airtel Delhi Half
Marathon and the Singapore Outdoor Award for
Airtel-Rajdhani Express.
The Economic Times (Brand Equity) featured Airtel as
the best advertiser for the year 2008 and agencyfaqs
elected Airtel as the Buzziest Brand 2008 and the
Brand with the Longest Buzz (three consecutive years).
The launch in Sri Lanka got extensive coverage and
accolades from the countrys print and digital media
and in India within four months of launch, Airtel had
become an established player in the DTH category.
With Alcatel-Lucent, a venture to manage Bharti

Airtels pan-India broadband and telephone services
and help Airtels transition to Next Generation
Networks to offer advanced services like high-speed
internet, Triple Play, media-rich VAS (Value Added
Services), MPLS (Multi Protocol Label Switching),
VPN (Virtual Private Network) for both retail and
business customers. Under the Joint Venture,
Alcatel-Lucent will design, plan, deploy, optimize
and manage Bharti Airtels broadband and telephone
network across India. A new legal entity is being
formed which will be managed and controlled by
Alcatel-Lucent. This is the first Managed Services
partnership for broadband and telephone services
in India
With Infosys Technologies Limited (Infosys) to deliver

superior customer experience to the customers of
Airtel digital TV, its Direct-To-Home (DTH) TV
service. As part of its Digital Convergence Platform,
Infosys will provide a suite of products including
devices, application servers and interactive
applications that will focus on providing an enhanced
digital lifestyle to Airtel digital TV customers
With HP, to promote the penetration of broadband

and personal computers. Under the scope of the
partnership, Airtel will offer consumers a broadband
connection at discounted entry cost with every HP
and Compaq notebook and desktop
With Apple Inc. to bring the iPhone to India. iPhone

3G combines all the revolutionary features of iPhone
with 3G networking that is twice as fast as the first
generation iPhone
Bharti Airtel and RIM introduced the Blackberry Bold

for its customers in India. The Blackberry Bold
smartphone is the first Blackberry smartphone to
support tri-band HSDPA high speed networks around
the world providing superior functionality and
performance for business professionals and power
users
With Cisco to launch Managed MPLS (Multi Protocol

Layer Switching) Service. The launch includes a Tier
1 MSCP (Managed Services Channel Program)
certification from Cisco for their network and service
capabilities, to provide Managed MPLS VPN(Virtual
Private Network) services. With this Airtel has
become the first service provider in APAC (Asia
Pacific American Coalition) to achieve Cisco Powered
Managed Multi-Protocol Layer Switching Provider
status under CISCO MSCP Program. The certification
places it in a league of select global operators that
are endorsed for carrier class MPLS networks and
enterprise class MPLS service capabilities. Airtel has
also obtained a certification from Cisco for their
Telepresence Connection capabilities, which
recognizes Airtel MPLS network for running
Hi-Definition video conferencing services, which give
users real life-like experience
With Virtela signed a strategic agreement to

significantly enhance its international managed MPLS
connectivity outside of India to more than 5000 PoPs
(Points of Presence) across 190 countries. Under
the agreement, Bharti Airtel and Virtela have
HIGHLIGHTS OF THE YEAR

Major agreements and alliances
During the year, the Company signed the following major
agreements relating to operations, customer service,
innovation and technology:
With IBM, to handle Bhartis IT requirements in Sri

Lanka. IBM will provide IT support for Bhartis
operations in Sri Lanka, which is an extension of the
software majors contract in India
With IBM Daksh, to enhance its customer service

experience for its top-end Platinum customers
through process and technology innovation. Under
the six-year contract, IBMs managed business
services unit IBM Daksh will provide voice and backoffice services including customer service,
collections, and customer retention from its centers.
IBM Daksh expects to have over 700 employees in
the first year focused on providing services in over
11 languages to elite Airtel customers across the
country
Airtels foray in the DTH segment comes with the

strategic view of expanding our portfolio of services
beyond the telecom business and is the culmination of
our three screens strategy, which is to be present
across mobile phones, computers and TV screens. Airtel
marked an entry into the nascent but fast-growing DTH
category with a differentiated and relevant customer
proposition. Given the rather noisy advertising
environment and strongly entrenched competition, a
disruptive yet strong message was developed for building
relevance and driving acquisition. The brands unique
proposition was based on dramatizing the TV viewing
experience and defined as magical entertainment.
The marketing mix of digital TV, product design and
experience were carefully evolved to bring the magic
alive, be it the stylish and premium look of the set-top
box, the easy to navigate multi-lingual electronic
program guide, the unique and differentiated features
like Universal Remote, Widgets, Radio-on-TV, etc. all
of which were firsts in India. Special care was taken to
ensure that customer touch points like the Customer
Care Services, dress and service codes for installation
engineers, etc. were all detailed to enrich the customer
experience at every interaction. The 360 degree launch
was with creative manifestation -Come Home to the
Magic and was ranked No.3 amongst Best
Advertisements in NDTVs. All about Ads 2008 ranking.
41
41
7/21/2009, 9:23 PM
integrated their networks through connection points

in South East Asia and Europe in order to expand
Bhartis MPLS based IP-VPN capabilities around the
world. Bharti Airtel will now be able to offer its
Enterprise customers seamless managed MPLS
connectivity and advanced managed network
solutions to key business customers on a truly global
basis
With Pacnet (regions largest independent

telecommunications service provider) for a Network
to Network Interface (NNI) agreement to
interconnect their respective networks, expanding
connections to and from India. Under the
agreement, the two companies will directly
interconnect their network infrastructure to expand
their respective MPLS based IP VPN capabilities
and to provide advanced IP (Internet Protocol)
solutions to key business customers in the region.
The agreement will enable both companies to
deliver greater coverage, seamless user experience
and reliable technology to their customers. Airtel
and Pacnet have also announced a special
Gateway to India offering for high capacity
International Private Line circuits between the
United States and India
With IFFCO to herald the second Green Revolution
to benefit millions of rural consumers with a Joint
venture company, IFFCO Kisan Sanchar Ltd (IKSL)
that will harness the power of telecom to add value
to the farm sector and empower the rural farmer by
giving him access to vital information, which will
enhance his livelihood and quality of life. IKSL will
offer products and services, specifically designed
for farmers, through IFFCO societies in villages across
the country. On offer are affordable mobile handsets
bundled with Airtel mobile connection and
customized value added services
With 15 global telecom majors to build Europe India
Gateway (EIG), a cable system from India to United
Kingdom. Airtel is the only Indian service provider
to be a part of this consortium, and will be operating
the cable landing station in Mumbai. The other
members of the EIG cable consortium include
AT&T, BT, C&W, Djibouti Telecom, Du,
Gibtelecom, IAM, Libyan Telecom, MTN Group Ltd.,
Omantel, PT Comunicaes-S.A, Saudi Telecom
Company, Telecom Egypt, Telkom SA Ltd, and
Verizon Business
With the countrys flagship oil company Indian
Oil Corporation (IOC) that will enable Airtel to
access 18,000 retail outlets and 5,500 Indane
cooking gas distributors of the oil giant to take the
mobile opportunity home to more customers. This
is an exclusive alliance between Airtel and IOC
With FirstSource Solutions (a leading global BPO
services provider), a three-year outsourcing
agreement to provide a suite of BPO services covering
both voice and back office in areas such as customer
accounting, VAS (Value Added Services) provisioning,
fraud & credit monitoring, customer service,
collections, customer retention to Airtel
42
With Australia Japan Cable (AJC) to interconnect

their current and future networks in Guam. This
landmark agreement will allow both parties to offer
services from a number of locations including
Singapore and the USA West Coast to Australia. The
innovative agreement will utilize the undersea cable
assets of Bharti Airtel and AJC. The joint network is
expected to carry commercial traffic by end of Q1
FY 09-10
With asklaila, Indias first local information service,

enabling Airtel customers to get up-to-date
information about their city, free of cost, through
asklailas extensive city information database. The
asklaila-powered Airtel city search is accessible
across six cities, including Delhi, Mumbai, Chennai,
Hyderabad, Kolkata and Bangalore
New products/initiatives
During the year, the Company launched various new
and innovative products and services in the market. This
enabled the company to strengthen its leadership
position despite intense competition. The following are
key launches and initiatives for the year:
The Company made its foray into media and

television by redefining home entertainment with
Airtel digital TV. The service is available to customers
through 31,000 retail points including Airtel
Relationship Centres across the country
Launched its virtual calling card service Airtel Call

Home in UK, Singapore and Canada. The service is
targeted at the huge Indian Diaspora, Non-Resident
Indians (NRIs) and Indian students in these markets
Launched its mobile services in Sri Lanka under the

Airtel brand. The Company has launched a suite of
innovative services and redefined affordability on a
state-of-the-art 3.5G network. Bharti Airtel plans to
invest around USD 200 million in its Sri Lanka
operations
Expanded the footprint by launching its Mobile

Services in Lakshadweep. Bharti Airtel is the first
private mobile service provider in the islands
Launched Triple Play with Airtel digital TV interactive

Telephone, Broadband and TV on a single line. The
Triple Play Service is initially available to customers
in Delhi, Gurgaon and Noida. Airtels state-of-theart IPTV Head-end, with best-in-class MPEG4-10
compression technology, will allow it to offer more
content and better quality images as well as services
like live broadcast television, network based timeshifted TV, real video-on-demand and a host of other
interactive services
Pioneered 16 Mbps broadband thereby offering the

fastest wireline broadband on DSL in the country.
This service is powered by the Carrier Ethernet
network and will be initially available in the cities of
Delhi NCR, Chennai and Bangalore with phased rollout to additional cities of Hyderabad, Pune, Mumbai
and Kolkata
Announced the launch of the worlds first Windows

based Online Desktop-powered by Microsoft and
Nivio, giving access to a personal virtual desktop
7/21/2009, 9:23 PM
Launched Overseas Recharge Service, yet another

first in the Indian telecom market. Airtel has
partnered with ezetop International to make prepaid
recharge available in over 150 money exchanges in
the UAE and online at www.ezetop.com
Introduced calling rate of 1 cent per minute on its

online calling card service www.airtelcallhome.com.
This will enable the Indian diaspora in US to call
friends and family back in India at the most
competitive rates in the market
Launched VeriSign Identity Protection (VIP) Services

for its Enterprise customers in India in partnership
with VeriSign. VIP Services is a comprehensive suite
of authentication and fraud detection solutions that
enables organizations to strengthen and protect their
customers online identities
Spelled End of Distance in India with

unprecedented tariff reductions on STD and Roaming
services for its customers. While STD rates came
down to Rs. 1.50/ minute from the earlier Rs. 2.65/
minute, the reductions enabled Airtel customers to
receive a call while roaming at Rs. 1/minute, as
compared to the earlier Rs. 1.75/minute. Further,
while roaming, Airtel customers can make an
outgoing local call at Rs. 1/minute and an STD call
at Rs. 1.50/minute
With mChek to offer the toll tag recharge through

Airtel mobile for the Delhi Gurgaon Expressway
Expanded its Premium International Toll Free services

from 80 countries for its Enterprise customers in
India. These services enable enterprises to offer a
convenient and cost effective way to their overseas
customers, business partners and employees
travelling abroad, to communicate with them, through
an international toll free number
Other company developments
Bharti Airtel launched Airtel Innovation Fund aimed

at promoting innovation and entrepreneurship in the
field of telecommunications. This is the first ever
innovation fund in India specifically for the telecom
sector. The objective of the Fund is to provide
opportunities to entrepreneurs with a vision to build
businesses based on innovative ideas. The Fund will
have an initial corpus of Rs. 200 crores and will be
led and administered by Bharti Airtel
Airtel is now a fully ISO 27001:2005 Certified
Organization. The ISO 27001:2005 certification
(from BSI: British Standards Institute) ensures a high
quality information security environment within
Airtel. It helps build trust and confidence amongst
customers and further enhances the confidence of
employees in operational processes. With a total of
29 certificates awarded under the ISO 27001:2005
Certification Program, Airtel has the unique
43
distinction of being awarded the largest number of

certificates to any single company in India across
sectors and one of the largest in the world
Bharti Airtel Limited announced key apex level

organizational changes aimed at laying the
foundation for the Companys next phase of growth.
Manoj Kohli, CEO & Joint Managing Director, Bharti
Airtel will increasingly focus on strategy
development, governance and organization
development. Sanjay Kapoor has been elevated from
President Mobile Services to a newly created
position of Deputy CEO. In his new role, Sanjay will
lead the Mobile, Telemedia and DTH businesses.
Sanjay will report to Manoj Kohli. Having led the
transformation at the Telemedia business, Atul Bindal
will take over as President Mobile Services.
K Srinivas who was Executive Director (East)
Mobile Services and in-charge of Sri Lanka operations
will take over as Joint President - Telemedia Services.
Atul and K Srinivas will report to Sanjay Kapoor.
David Nishball will continue as President - Enterprise
Services and will report to Manoj Kohli
REGULATORY AND KEY INDUSTRY DEVELOPMENTS

Update on regulatory and key industry development
forms part of the Management Discussion and Analysis
report.
CAPITAL MARKET RATINGS
Bharti Airtel Limited has outstanding ratings with four
institutions, CRISIL & ICRA (national) and Fitch Ratings
and S&P (international).
CRISIL & ICRA have rated Airtel at the top end of

their rating scales, both for short term (P1+ / A1+)
as well as long term (AAA/LAAA)
International rating agencies, both Fitch Ratings and

S&P have rated Airtel at the level of the sovereign
rating of India (BBB-)
While Indias country rating has been put on a negative

outlook by S&P, on a recent review of Airtel by S&P,
they have retained stable outlook for Airtel backed by
the superior financial strength and positive business
and growth outlook
SHARE CAPITAL
During the year, the Company issued 238,942 equity
shares on exercise of stock options under ESOP Scheme
2005 of the Company.
The Company also allotted 93,408 equity shares upon
conversion of Foreign Currency Convertible Bonds
(FCCBs). Due to these corporate actions, the
issued, subscribed and paid-up equity share capital
increased from 1,897,907,446 (March 31, 2008) to
1,898,239,796 equity shares as of March 31, 2009.
In the Board meeting held on April 2009, subject to the
approval of its shareholders, the Board of directors has
approved sub-division (share split) of existing equity
shares of Rs. 10/- (Ten) each into 2 (Two) equity shares
of Rs. 5 (Five) each. The Company is in the process of
completing all the procedural formalities to give effect
to the sub-division of shares.
7/21/2009, 9:23 PM
from any computer connected to the internet for

Airtel broadband customers. This initiative will pave
the way for easy and affordable access to computing
and broadband in India. This service will be available
to all Airtel broadband customers across 95 cities in
the country
43
CORPORATE GOVERNANCE
The Company is committed to maintain the highest
standards of corporate governance. The Directors
adhere to the requirements set out by the Securities
and Exchange Board of Indias Corporate Governance
Practices and have implemented all the stipulations
prescribed.
A detailed report on Corporate Governance pursuant to
the requirements of Clause 49 of the Listing Agreement
forms part of the Annual Report. A certificate from the
Auditors of the company, S.R. Batliboi & Associates,
Chartered Accountants, Gurgaon confirming compliance
of conditions of Corporate Governance as stipulated
under the previously mentioned Clause 49 is annexed
to the Report as Annexure A.
SECRETARIAL AUDIT REPORT
In keeping with the high standards of corporate
governance adopted by the Company and also to ensure
proper compliance with the provisions of various
corporate laws, the regulations and guidelines issued
by the Securities and Exchange Board of India and the
listing agreement, the Company has voluntarily started
the practice of a Secretarial Audit from a practicing
company secretary.
The Company has appointed Mr. T. V. Narayanswamy,
Practicing Company Secretary, to conduct the
Secretarial Audit of the Company for the financial year
ended March 31, 2009. He has submitted his report
confirming the compliance with all the applicable
provisions of various corporate laws. The Secretarial
Audit Report is provided separately in the Annual Report.
CORPORATE SOCIAL RESPONSIBILITY
At Bharti Airtel, Corporate Social Responsibility (CSR)
encompasses much more than social outreach programs
and is an integral part of the way the Company conducts
its business. Detailed information on the initiatives of
the Company towards CSR activities is provided in the
Corporate Social Responsibility section of the Annual
Report.
DIRECTORS
A brief resume, nature of expertise, details of

directorships held in other companies and shareholding
in the Company of the directors proposing appointment/
re-appointment as stipulated under Clause 49 of the
Listing Agreement with the Stock Exchanges is appended
as an annexure to the notice of ensuing annual general
meeting.
FIXED DEPOSITS
We have not accepted any fixed deposits and, as such,
no amount of principal or interest was outstanding as
of the balance sheet date.
AUDITORS
The Statutory Auditors of the Company, M/s. S. R.
Batliboi & Associates, Chartered Accountants, Gurgaon,
retire at the conclusion of the ensuing annual general
meeting of the Company and have confirmed their
willingness and eligibility for re-appointment and have
also confirmed that their re-appointment, if made, will
be within the limits under Section 224(1B) of the
Companies Act, 1956.
AUDITORS REPORT
The Board has duly examined the statutory auditors
report to accounts and clarifications wherever necessary,
have been included in the Notes to Accounts section of
the Annual Report.
As regards comments under para ix(a) of Annexure to
the Auditors Report regarding slight delay in a few
cases in deposition of statutory dues, the Company is
further strengthening its process to ensure that even
such minor delays do not occur in future.
As regards the comment under para xxi of Annexure to
the Auditors Report, to address the issues of fraud by
employees and external parties, the Company has taken
appropriate steps including issuance of warning letters,
termination of service of the errant employees,
termination of the contract/agreements with the external
parties, legal action against the external parties involved
etc. The Company is further strengthening its internal
control systems to reduce the probability of occurrence
of such events in future.
Since the last Directors Report, Akhil Gupta relinquished

the position of Joint Managing Director of the Company
and continues to be a non-executive director on the
Board. Francis Heng and Kurt Hellstrom have resigned
from the Board due to personal reasons. During the
year, Manoj Kohli was appointed as Joint Managing
Director of the Company. Quah Kung Yang,
Nikesh Arora and Craig Ehrlich were appointed as
additional directors. The Board places on record its sincere
appreciation for the services rendered by Francis Heng
and Kurt Hellstrom during their tenure on the Board.
ENERGY
CONSERVATION,
TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE EARNINGS
AND OUTGO
Ajay Lal, Akhil Gupta, Arun Bharat Ram and N. Kumar,

retire by rotation at the forthcoming Annual General
Meeting and, being eligible, offer themselves for reappointment.
EMPLOYEES STOCK OPTION PLAN
The Company has received notice from a member under

section 257 of the Companies Act, 1956 proposing the
appointment of Quah Kung Yang, Nikesh Arora and Craig
Ehrlich as non-executive directors of the Company.
44
For the Company, being a service provider organization,

most of the information as required under Section
217(1)(e) of the Companies Act, 1956, read with the
Companies (Disclosure of particulars in the report of
the Board of Directors) Rules, 1988, as amended is not
applicable. However, the information as applicable has
been given in Annexure A to this report.
The Company values its human resource and is

committed to adopt the best HR practices. The
employees of the Company are presently benefitted from
two ESOP Schemes under 2001 and 2005, Employee
Stock Option Policy. The policy also helps in retention
of well-performing employees, who are contributing to
the growth of the Company.
7/21/2009, 9:23 PM
Disclosure in compliance with Clause 12 of the

Securities and Exchange Board of India (Employee Stock
Option Scheme and Employee Stock Purchase Scheme)
Guidelines, 1999, as amended, are provided in
Annexure C to this Report.
A certificate from M/s S. R. Batliboi & Associates,
Chartered Accountants, Statutory Auditors, with respect
to the implementation of the Company Employees
Stock Option schemes, would be placed before the
shareholders at the ensuing Annual General Meeting,
and a copy of the same shall be available for inspection
at the registered office of the Company.
PARTICULARS OF EMPLOYEES
Information as per the provisions of Section 217(2A) of
the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975, as amended,
forms part of this report and have been set out as
Annexure D of this report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act,
1956, the directors to the best of their knowledge and
belief confirm that:
(i) in the preparation of the annual accounts for the
year ended 31 st March 2009, the applicable
accounting standards have been followed along with
proper explanation relating to material departures;
(iii) they have taken proper and sufficient care for the
maintenance of adequate accounting records in
accordance with the provisions of the Companies
Act, 1956 and for safeguarding the assets of the
Company and for preventing and detecting fraud and
other irregularities;
(iv) they have prepared the annual accounts on a going
concern basis.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
In accordance with the Listing Agreement requirements,
the Management Discussion and Analysis report is
presented in a separate section forming a part of the
Annual Report.
ACKNOWLEDGEMENTS
Your directors wish to place on record their appreciation
to the Department of Telecommunications (DOT), the
Central Government, the State Governments and
Companys Bankers, the business associates, for the
assistance, co-operation and encouragement they
extended to the Company and to the employees for
their continuing support and unstinting efforts in
ensuring an excellent all round operational performance.
Last but not the least the directors would like to thank
various partners viz. Bharti Telecom, Singapore
Telecommunications Ltd., and other valuable
shareholders for their support and contribution. We look
forward to their continued support in the future.
(ii) they have selected and applied consistently and made

judgments and estimates that are reasonable and
prudent to give a true and fair view of the state
of affairs of the Company as at the end of the

financial year and of the profit of the Company for
the year;
45
45
7/21/2009, 9:23 PM
Annexure A
Auditors certificate
regarding compliance of conditions of corporate governance

To
The Members of Bharti Airtel Limited
We have examined the compliance of conditions of
Corporate Governance by Bharti Airtel Limited (the
Company), for the year ended March 31, 2009, as
stipulated in Clause 49 of the Listing Agreement(s) of
the said Company with stock exchange(s) in India.
The compliance of conditions of Corporate Governance
is the responsibility of the Companys management. Our
examination was carried out in accordance with the
Guidance Note on Certification of Corporate Governance
(as stipulated in Clause 49 of the Listing Agreement),
issued by the Institute of Chartered Accountants of India
and was limited to procedures and implementation
thereof, adopted by the Company for ensuring the
compliance of the conditions of Corporate Governance.
It is neither an audit nor an expression of opinion on the
financial statements of the Company.
46
In our opinion and to the best of our information and

according to the explanations given to us, we certify
that the Company has in all material respects complied
with the conditions of Corporate Governance as
stipulated in the above mentioned Listing Agreement.
We state that such compliance is neither an assurance
as to the future viability of the Company nor the
efficiency or effectiveness with which the management
has conducted the affairs of the Company.
For S.R. BATLIBOI & ASSOCIATES

Place : Gurgaon
Date : April 29, 2009
7/21/2009, 9:23 PM
per Prashant Singhal

Partner
Membership No. : 93283
Annexure B
INFORMATION RELATING TO CONSERVATION OF
ENERGY, TECHNOLOGY ABSORPTION, RESEARCH
AND DEVELOPMENT AND FOREIGN EXCHANGE
EARNING AND OUTGO FORMING PART OF
DIRECTORS REPORT IN TERMS OF SECTION 217(1)(e)
OF THE COMPANIES ACT, 1956 READ WITH THE
COMPANIES (DISCLOSURE OF PARTICULARS IN THE
REPORT OF THE BOARD OF DIRECTORS) RULES 1988.
CONSERVATION OF ENERGY & TECHNOLOGY
ABSORPTION
Bharti Airtel Limited, being a telecommunications service
provider, the information in Part A and B pertaining to
conservation of energy and technology absorption are
not applicable to the Company. However, the Company
requires energy for its operations and every endeavor
has been made to ensure the optimal use of energy,
avoid wastage and conserve energy as far as possible.
From time to time, the Company evaluates global
innovation and technology as a benchmark and wherever
required, enters into arrangements to avail of the latest
technology trends and practices.
FOREIGN EXCHANGE EARNING AND OUTGO
Activities relating to exports initiatives taken to increase
exports; development of new export markets for
products and services; and export plans;
International Long Distance Business
Airtel CallHome, our international calling service through

wholly owned subsidiary companies, connects the
widespread NRI population in USA to their families and
friends in India at a cost effective and reliable manner.
The service was launched in December 2006. The
launch marked Bharti Airtels foray into the US market.
The Company further launched its services in UK,
Canada and Singapore in 2008-09. The Company also
plans to extend its services through its wholly owned
subsidiary companies, across the globe to address the
needs of the Indian diaspora through our global network
in near future.
Telecom Services in other countries
The Company continuously explores and evaluates
various opportunities for growth and expansion inside
and outside the country organically and through
alliances, mergers/ acquisitions in identified markets,
subject to availability of licenses, growth potential and
cost as well as other relevant factors. In its efforts, the
Company achieved its first success upon receipt of letter
of offer in January 2007 after a competitive bidding
process, from the Telecom Regulatory Commission of
Sri Lanka to offer 2G and 3G services in Sri Lanka. Bharti
Airtel started providing these services from January
2009, through its wholly owned subsidiary company
Bharti Airtel Lanka (Private) Limited, Sri Lanka. In
addition, Bharti Infratel Lanka (Private) Limited, a whollyowned subsidiary of Bharti Airtel Lanka (Private) Limited,
has also been incorporated with an objective to provide
passive infrastructure services on a non-discriminatory
basis to all telecom operators in Sri Lanka.
Total foreign exchange used and earned for the year:
(a) Total Foreign Exchange Earning Rs. 18,093 mn
(b) Total Foreign Exchange Outgo Rs. 53, 663 mn
We have seen significant growth in our long distance

business. With Indias increasing integration into the
global macro economy, we anticipate significant further
growth in this domain. We have strong relationships for
under-sea networks and we will continue to invest in
major cable systems to increase our presence and share
of the global traffic.
International Calling Card Services
47
47
7/21/2009, 9:23 PM
Annexure C
INFORMATION REGARDING THE EMPLOYEES STOCK OPTION SCHEME
(as on March 31, 2009)
Sl.
No.
1)
Particulars
ESOP Scheme 2005
ESOP
Scheme 2001
*1,94,53,868
Number of Stock
Options granted
87,23,966
2)
Pricing Formula
The Exercise Price per options shall

not be less than the par value of the
Equity Share of the Company and
shall not be more than the price
prescribed under Chapter XIII of the
SEBI (Disclosure and Investor
Protection) Guidelines 2000 as amended.
Relevant Date being the Grant Date.
3)
Option Vested
22,03,175
1,78,08,375
4)
Number of Options exercised
6,59,392**
13,749,755
5)
Number of shares arising as

a result of exercise of option
6,53,317
Nil
6)
Number of option lapsed
21,74,100
41,86,341
7)
Variation of terms of option
NA
NA
8)
Money realized by exercise

of options
16,70,45,342***
35,69,99,122
9)
Total number of options in force
58,90,474
15,17,772
1,45,07,843 @ 22.5
8,80,000 @ 0.91
21,90,000 @ 70
71,265 @ Nil
20,000 @ 120
12,500 @ 221
17,72,260 @ 10
10)
11)
i)
Senior Managerial personnel
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
Mr. Manoj Kohli

Mr. Sarvjit Singh Dhillon
Mr. S Asokan
Mr. Inder Walia
Ms. Vijaya Sampath
Mr. David Nishball
Mr. Jai Menon
Mr. Sanjay Kapoor
Mr. K Shankar
Mr. Narender Gupta
Mr. Shaun Parmar
Ms. Jyoti Pawar
Mr. Srikanth Balachander
Mr. Shireesh M Joshi
Ms. Ranjana Smetacek
4500
3000
4500
7500
3000
4500
7500
4500
4500
3000
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
10000
Nil
Nil
Nil
10000
5000
12500
15000
5000
ii)
Any other employee who receives

a grant in any one year of option
amounting to 5% or more of option
granted during that year
Nil
Nil
iii)
Identified employees who were

granted option, during any one
year, equal to or exceeding 1% of
the issued capital (excluding
outstanding warrants and
conversions) of the company at the
time of grant
Nil
Nil
0.0026
NA
Diluted earning per share (EPS)

pursuant to issue of shares on exercise
of options calculated in accordance with
Accounting Standard (AS) 20 Earning
Per Share
48
7/21/2009, 9:23 PM
Sl.
No.
Particulars
12)
In case, the employees compensation

cost is calculated on the basis of
intrinsic value of Stock Option,
difference between the employees
compensation of the Stock Option cost
based on intrinsic value of the Stock and
the employees compensation of the
Stock Option cost based fair value for
the year ended March 31, 2009 and the
impact of this difference on profits and
on EPS of the Company.
13)
For Options whose exercise price either

equals or exceeds or is less than the
market price of the stock the following
are disclosed separately:-
14)
ESOP Scheme 2005
ESOP
Scheme 2001
NA
36,81,825
(0.0019)
a) Rs. 22.5; Rs 70;

Rs. Nil; Rs 120;
Rs. 10; Rs 221
a)
Weighted average exercise price
Rs. 541.53
b)
Weighted average fair price
Rs. 267.95
b) NA; NA;
Rs. 139.40;
Rs. 168.87;
Rs. 427.79;
Rs. 542.96
A description of the method and

significant assumptions used during
the year to estimate the fair values
of options, including the following
weighted average information
Fair value Method : Black Scholes/Lattice Valuation Model
(i)
risk free interest rate
i)
(ii)
expected life
ii) 48 to 60 months
4.45% P.A to 9.70% P.A (The Government Securities curve

yields are considered as on valuation date )
(iii) expected volatility
iii) 36.23% to 41.39% (assuming 250 trading days to annualize)
(iv) expected dividends
iv) Nil
(v)
v) Rs. 616.80 to Rs. 832.55 per equity share
the price of the underlying

share in market at the time
of option grant
Grants of 4,066,025 number of shares were made out of the options lapsed over a period of time.
**
This includes 6,075 number of options under Scheme 2005, which is pending allottment and against which
money has been realised.
*** This include Rs. 1,540 thousand on account of money received against 6,075 options pending allottment
49
49
7/21/2009, 9:23 PM
Annexure D
Statement of particulars under section 217(2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975 for the year ended March 31,2009 and forming part of the
Directors Report
Sl. Name
No.
Designation
Qualification (s)
Age
Date of
commencement
of employment
Total
experience
Nature of
employment,
whether
contractual
or otherwise
Nature
of duties
of the
employee
Permanent
Technical Services
Gross
Previous employment /
remuneration designation
(A) EMPLOYED THROUGHOUT THE FINANCIAL YEAR

1
A M Rai
Sr. VP - International
Networks
Abhay Kumar
Head - Technical
B.E. & MBA
41
9-Jul-07
17
Permanent
Technical Services
3,025,487 Motorola / Circle Lead - Network
Abhay
Savargaonkar
Sr. VP - Technical
B.E. / B. Tech
44
5-Aug-06
19
Permanent
Technical Services
7,872,136 Bharti Infotel / CTO
Abhay Seth
CMO - East Hub

M&G +
Gujarat circle
MBA
31
7-Jan-00
12
Permanent
Sales & Marketing
3,216,535 Self Employed /

MD (Own Company)
Abhijit
Chakravarty
DGM - CSD
B.E.
36
3-Oct-06
15
Permanent
Customer Service
Delivery
2,573,170 WNS / AVP - Network Operations

& Infrastructure
Abhilasha Hans
CSO Shared Services
MBA
44
23-Jan-07
18
Permanent
Customer Service
Delivery
6,157,707 Teletech Services India Limited /

Sr. Vice President
Aditya Chile
Head - CSD
PGDBM
43
5-Dec-05
21
Permanent
Customer Service
Delivery
3,114,966 Tata Teleservices Limited /

Head- Customer Care
Ajai Puri
CEO - MO
West Bengal
MBA
48
15-May-04
28
Permanent
Operations &
Management
8,689,842 Cargill Foods India/Business

Head-India Foods
Ajay Aggarwal
DGM - Marketing
B.E. & MBA
38
27-Dec-05
13
Permanent
Sales & Marketing
2,478,158 Reliance Infocomm Limited /

Circle Sales Head
10
Ajay Agrawal
Sr. VP - Finance
CA
52
1-Jun-06
26
Permanent
Finance
& Accounts

Tech Lead-RA
11
Ajay Chitkara
Chief Operating
Officer
PGDBM
37
1-May-01
15
Permanent
Operations &
Management
7,409,091 Comsat Max Limited / Area Sales

Manager
12
Ajay Krishnan
Head - Managed
Services
MBA
42
17-Jan-05
17
Permanent
Sales & Marketing
4,004,798 AT&T / Regional Director
13
Ajit Chaturvedi
Head - General Trade
MBA
41
27-Mar-06
18
Permanent
Sales & Marketing

Head - Prepaid Sales &
Distribution
14
Akhil Minocha
GM - Strategic
Planning & Bus Dev.
PGDBM
36
9-Jun-05
12
Permanent
Sales & Marketing

Sr.Manager
15
Alok Bafna
Head - Finance
CA
35
29-Dec-03
12
Permanent
Finance
& Accounts
3,516,870 Idea Cellular Limited /

Manager -Finance
16
Alok Dhar
Technical Head AES Corporate
B.E. / B.Tech
42
18-Sep-06
20
Permanent
Technical Services
3,854,694 Escotel Mobile Communications

Limited / Chief General Manager
17
Alok Nigam
Head - HR - North Hub LLB
43
16-Mar-06
21
Permanent
Human Resources
3,247,349 Intex Technologies Limited /

Head Corporate HR
18
Alok Ranjan
Head - NLD Voice
B.E. & MBA
55
24-Jul-07
14
Permanent
Sales & Marketing
2,981,287 Reliance Communications Limited /

Head - NLD Services
19
Aman Nugyal
GM - Security
M.Tech/MS
Operations Management
41
10-Sep-07
21
Permanent
Technology
Services
2,888,009 Secure Synergy Private Limited /

Chief Operating Officer
20
Amandeep Singh CTO West 1 & West 2
B.E. / B.Tech
38
9-May-03
17
Permanent
Technical Services
7,004,836 Spice Communications /

Vice President
21
Amit Bhatia
GM - CSD
PGDBM
37
22-Aug-95
15
Permanent
Customer Service
Delivery
5,329,241 Hotel Taj Bengal /

Duty Manager
22
Amit
Chandiramani
Head - Sales
BE & MBA
34
20-Oct-00
11
Permanent
Sales & Marketing
2,614,601 Procter And Gamble /

Asst Brand Manager - Marketing
23
Amit Mathur
VP - Sales
MBA
41
2-Jul-01
19
Permanent
Operations &
Management
4,178,530 Esconet (Escorts Grp Co) /

Regional Operational Head
24
Amit Mathur
GM - Marketing
B.E. / B.Tech
45
19-Nov-01
22
Permanent
Sales & Marketing
2,913,122 Xerox Modicorp / Regional

Product Manager
25
Amit Shah
Head - Finance
CA
33
3-Dec-01
11
Permanent
Finance
& Accounts
3,359,905 BPL Mobile Communications

Limited / Manager - Finance
26
Amit Vyas
VP - International
Networks
MBA
35
14-Jun-04
14
Permanent
Sales & Marketing
3,861,052 NM Rothschild / Manager
27
Amita Arya
GM - Technical
M.Tech
38
1-Feb-01
16
Permanent
Technical Services
3,521,095 MTNL / Dy. General Manager
28
Amrita Gangotra CIO - Mobile Services

& Chief Airtel IT
Operations
M.Sc.
44
25-Nov-02
18
Permanent
Technology
Services
8,423,503 HCL Comnet Limited/

Chief Information Officer
29
Anand Jha
GM Technology Services
B.E. / B.Tech
43
24-Jun-03
16
Permanent
Technology
Services
3,084,384 GE Motors Limited /

Quality Leader Washer
30
Anant Arora
COO - MO Kerala
B.E. & MBA
42
11-Apr-03
19
Permanent
Operations &
Management

Head - Sales Operations
31
Anantharaman R COO - MO
West Bengal
M.Sc.
42
26-Sep-03
18
Permanent
Operations &
Management
5,629,175 BPL Mobile Cellular Limited /

Business Head
50
B.E. / B.Tech.
48
28-Sep-00
26
7/21/2009, 9:23 PM
6,767,855 Fibcom / Project Lead
Designation
Qualification (s)
Age
Date of
commencement
of employment
32
Anil Jhamb
GM - Technical
MBA
38
14-Dec-05
33
Anil Kumar
GM - SCM
MBA
44
34
Anirban Ghosh
COO - MO
Tamil Nadu
MBA
35
Anjana
Ravindranath
Head - HR
36
Total
experience
Nature of
employment,
whether
contractual
or otherwise
Nature
of duties
of the
employee
Gross
17
Permanent
Technical Services
2,487,388 Satyam Infoway Limited /

Sr.Manager
25-Jul-05
20
Permanent
Supply Chain
Management

Sr. Manager
40
3-May-04
17
Permanent
Operations &
Management
4,862,244 Hindustan Lever Limited /

Regional Sales Manager
MBA
52
17-May-02
30
Permanent
Human Resources
3,122,807 Mega Soft Limited /

Head Corp Communication
Anoop Bhardwaj GM - CSD (Remote

Support Process)
PGDBM
38
2-Jul-07
16
Permanent
Customer Service
Delivery
3,073,334 Hughes Communications /

Director - Operation
37
Anoop Sharan
GM - Metasolv
Diploma
42
4-Oct-05
16
Permanent
Technology
Services

Asst. General Manager
38
Anuj Jain
VP - Network Network Planning
MBA
42
24-Mar-08
17
Permanent
Technical Services
2,990,900 Fujitsu Network Communication Inc.

/ Director - Product Development
39
Anuj Khungar
CTO -Wireless, ANG
M.Tech
45
28-Feb-05
21
Permanent
Technical Services

Chief Technical Officer
40
Anupma Suneja
Head - Customer
Insight & Market
Research
PGDBM
37
9-Apr-07
13
Permanent
Sales & Marketing
2,621,357 Synovate India /

Research Director
41
Anurag Prashar
PMO - CSD
PGDBM
48
16-Jul-03
24
Permanent
Customer Service
Delivery
7,831,413 Xerox Modi Corp Limited /

Executive Director, Customer
Service Support
42
Argha Basu
VP - MPLS Product
PGDBA
41
25-Feb-08
18
Permanent
Sales & Marketing
3,986,198 VSNL / Business Head-MPLS
43
Arindom
Chakrabarty
Head - Marketing
MMS
39
13-Mar-06
14
Permanent
Sales & Marketing
3,083,289 BPL Mobile Communication

Limited / Dy. General Manager
44
Arshad Mumtaz
GM - Service Partner
Management
B.Com
35
2-Jan-07
15
Permanent
Customer Service
Delivery
3,125,630 Teletech / Center Head
45
Arun Bhardwaj
Chief Operating Officer B.E. & MBA
46
1-Feb-02
25
Permanent
Sales & Marketing
7,759,009 Ericsson Inc / GM
46
Arun Das
Operations Head - AP
MBA
45
27-Nov-06
22
Permanent
Sales & Marketing
4,031,731 Tata / Vice President
47
Arun Kumar
Gupta
CTO
B.E. & MBA
44
14-Jun-05
21
Permanent
Technical Services

Fa Lead Mumbai Circle
48
Arun Kumar
Malik
VP - Business
Excellence
PGDBM
55
2-Aug-04
35
Permanent
Quality Services

Limited / Dy. General Manager
49
Arun Kumar
Sharma
GM - Marketing
B.E.
38
1-Mar-96
17
Permanent
Sales & Marketing
3,961,518 Universal Mccann /

Associate Media Director
50
Arun Srievastava GM - Service

Operations
PGDM
42
2-Mar-07
19
Permanent
Customer Service
Delivery
2,793,419 Idea Cellular /

Dy. General Manager
51
Aruna Pidikiti
GM - Network - NOC
M.Tech
39
21-Dec-00
16
Permanent
Technical Services
4,143,417 STPI / Dy. Director (Tech)
52
Arvind Kumar
Kansal
Sr. VP - Network Chief TNG Office
B.E. & MBA
53
17-Jul-07
30
Permanent
Technical Services
6,196,515 Vavasi Telegence Pvt Limited /

Chief Technical Officer
53
Ashish Arora
VP - Sales Head
MBA
39
3-Apr-07
15
Permanent
Sales & Marketing
4,970,841 Sify Limited /

National Sales Head
54
Ashish C Tayal
GM - Business
Excellence
B.E. & MBA
39
3-Aug-05
13
Permanent
Quality Services
2,694,236 IBM Daksh / Sr. Manager - TTBV
55
Ashish D K
Malhotra
DGM - Prepaid
Acquisitions &
Market Planning
MBA
32
2-Aug-06
Permanent
Sales & Marketing
2,516,128 Hutchison Essar Pvt Limited /

Head - Marketing
56
Ashish Luthra
GM - Marketing
MBA
38
14-Jun-04
15
Permanent
Sales & Marketing
3,421,732 Godfrey Phillips India Limited /

Brand Manager
57
Ashish Yakhmi
DGM - Marketing
MBA
36
16-May-05
Permanent
Sales & Marketing
2,662,454 Henkel Marketing India Limited /

Category Manager
58
Ashutosh Singh
GM - Technical
B.E./B.Tech
41
30-Jan-07
14
Permanent
Technical Services

Sr. Manager
59
Ashwani Rana
GM - Regulatory
Affairs
PGDBM
42
1-Nov-04
18
Permanent
Legal Services

Limited / Sr. Manager
60
Asit Tandon
GM - Core Planning
B.E./B.Tech
39
2-Apr-07
15
Permanent
Technical Services
61
Atul Bindal
President - Mobile
Services
BE (Mech), MBA
48
23-Jun-03
23
Permanent
Business Head
62
Atul Sachdeva
Principal Technical
Officer
PGDBM
36
29-Aug-06
14
Permanent
Technical Services

Head-Bss,Transmission
and Core Planning
63
Atul Uprit
Head - SCM
MBA
43
15-Dec-06
18
Permanent
Supply Chain
Management
2,853,739 Nitel / Production Engineer
64
Austin Lorenzo
VP - Web Tech &

Syst. Int. Arch
MBA
44
25-Jun-07
20
Permanent
Technology
Services
5,595,097 American Airlines / Senior

Consultant/Tech Lead Architect
65
Avinash Deepak GM - Sales
B.E./B.Tech
38
28-Aug-06
15
Permanent
Sales & Marketing
2,401,948 BT Infonet / National Head
66
Aviral Batra
MBA
40
18-Oct-06
18
Permanent
Customer Service
Delivery
2,916,180 Reliance Life Insurance /

Head - Customer Care
VP - CSD
3,900,653 Siemens / General Manager

26,164,755 DHL International /
Communication Director Asia
Pacific
Sl. Name
No.
51
51
7/21/2009, 9:23 PM
Sl. Name
No.
Designation
Qualification (s)
Age
Date of
commencement
of employment
Total
experience
Nature of
employment,
whether
contractual
or otherwise
Nature
of duties
of the
employee
Gross
67
Awadhesh Kumar Head - Technical

Kalia
M.Tech/MS
44
5-Feb-07
23
Permanent
Technical Services
2,908,863 Indian Army /

Commissioned Officer
68
Awnish
Choudhary
GM - Device
Management
PGDBM
39
20-Feb-06
19
Permanent
Sales & Marketing

Manager
69
B Harikumar
GM - Network Operations
B.Sc
49
23-Jul-03
26
Permanent
Technical Services
2,564,157 Ericson Telephone Switch /

Sr. Manager
70
B Vishwanathan GM - Finance
MBA
42
12-Jan-04
22
Permanent
Finance
& Accounts
3,370,261 HFCL Infotel Limited /

Dy. General Manager
71
Benjamin Antony DGM - HR
MBA
34
16-Aug-07
12
Permanent
Human Resources
2,843,338 Aviva Life Insurance /

Sr. Manager
72
Bhairab Hazarika GM - Media,

Unified Messaging
B.E / B.Tech
39
10-Nov-04
16
Permanent
Technology
Services

Dy. Configuration Head
73
Bhaskar
Chakraborty
Chief Supply Chain

Officer
PGDBM
51
19-May-97
29
Permanent
Supply Chain
Management
9,109,409 Fibcom India Limited /

Chief of Materials
74
Bhavna Puri
GM - Head - Service
Marketing & Contact
Experience
B.Sc
39
17-Jun-02
19
Permanent
Customer Service
Delivery
3,060,948 Hexacom (India) Limited /

Incharge Customer Care
75
Bosco Soiero
Zonal Business
Manager
MBA
39
19-Feb-07
16
Permanent
Sales & Marketing
2,890,079 Reliance / Cluster Head
76
C V N Varaprasad GM - Technical
B.E./B.Tech
39
28-Feb-08
16
Permanent
Technical Services
2,558,168 BSNL / Dy. General Manager
77
Chandrakant
Tripathi
GM - Technical
B.E./B.Tech
37
29-Dec-00
15
Permanent
Technical Services
2,463,402 Reliance Telecom Limited /

Deputy Manager
78
Chandrasekar
Radhakrishnan
Sr. VP - Marketing
MMS
36
9-Jul-07
12
Permanent
Sales & Marketing
6,047,299 Marico / Category Head
79
Charanjit Singh
Sodhi
GM - Security Plans
& Policies
MBA
40
1-Mar-07
19
Permanent
Technology
Services
3,030,033 Fidelity International /

IT - Security
80
Chetan Kumar
GM - Technical
PGDBM
39
20-Sep-04
17
Permanent
Technical Services
2,477,621 BSNL(DOT) / Dy. General

Manager
81
Christopher Tobit Director - Sales

& Operations
B.A.
45
1-Feb-99
24
Permanent
Operations &
Management
9,427,569 Collettes Group Of Companies/

Group Business Development
Manager
82
Dabasis Dutta
SMG Head - AES

Carrier
CA
40
1-Dec-02
Permanent
Customer Service
Delivery
2,741,115 Dabasis Dutta & Co. /

Business Head
83
David Nishball
President - Enterprise
Services
Bachelor of Arts
in Economics
& MBA
54
1-Feb-07
30
Contract
Business Head
84
Deepak Bagga
Head - Technical
B.E./B.Tech
40
21-May-07
10
Permanent
Technical Services
2,620,870 Erricsson India Limited /

Sr. Manager
85
Deepak Bhatia
VP - CSD
MBA
36
10-Oct-05
13
Permanent
Customer Service
Delivery

Head- Customer Service Delivery
86
Deepak Khanna
CEO - ABS
MBA
45
2-Mar-04
24
Permanent
Operations and
Management
9,427,913 Cybiz Technology Limited /

Whole-time Director
87
Deepak Mehrotra Executive Director BE (Electrical),

South and West 2 Hub MMS
45
30-Oct-03
19
Permanent
Business Head
88
Deepak Sanghi
DGM - Networks
B.E./B.Tech
35
29-Mar-04
14
Permanent
Technical Services
2,580,612 Nortel Networks /

Technical Consultant
89
Deepak Singh
Karki
GM - Data Product
Organization
B.E./B.Tech
42
11-May-04
20
Permanent
Sales & Marketing

Head Business Solution
90
Deepak
Srivastava
CEO - DTH
B.E./B.Tech
49
13-Sep-04
24
Permanent
Operations &
Management
7,897,797 BOC Edwards/GM-South Asia &

Country Manager,India
91
Deven Khanna
Corporate Director Finance

(Telecom & Retail)
B.Com, CA
49
1-Sep-04
19
Permanent
Finance
92
Dharmender
Khajuria
Head - Sales
MBA
40
21-Nov-01
17
Permanent
Sales & Marketing
3,101,658 National Panasonic /

General Manager-Sales
93
Dinesh Daryani
VP - Service
Operations and
B2C Projects
PGDBA
43
12-Jan-04
17
Permanent
Customer Service
Delivery

Limited / Asst. General Manager
94
Dinesh Singh
DGM - CSD
B.E./B.Tech
36
4-Sep-06
13
Permanent
Customer Service
Delivery
2,606,085 Cadence Design Systems /

Manager Network
95
Dipak Roy
Head - HR - Mobility
MBA
42
19-Jun-06
21
Permanent
Human Resources
7,369,932 IBM / GM
96
Divya Sethi
GM - Prod Sales
Specialist, VSAT
& Conf. Business
MBA
36
4-Oct-06
12
Permanent
Sales & Marketing
2,729,240 Hughes Escorts Communication

Limited / National Manager
97
Pawan Bakhshi
GM - Marketing VAS
Ph.D.
44
1-Aug-01
16
Permanent
Sales & Marketing

Sr. Manager
98
Durgesh Madan
Head - SMG
CA
44
28-Feb-06
19
Permanent
Customer Service
Delivery

Head BLC
99
Dushyant Kumar Head - Technical
B.E./B.Tech
43
2-Nov-98
17
Permanent
Technical Services
3,456,462 California Microwave Inc /

Manager
52
52,715,429 Orange Business Service /

Sr.Vice President
12,487,937 Hindustan Coca Cola Beverages/

Region Vice President - Operations
13,702,214 Triveni Engineering Industries

Limited/VP-Corporate Finance
& Planning
7/21/2009, 9:23 PM
Designation
Qualification (s)
Age
Date of
commencement
of employment
100 Elango Thambiah CEO - MO AP
MBA
44
8-Oct-01
101 Felix Mohan
Chief Information
Security Officer
PGDSCM
53
102 Ganesh Babu
Head - Finance
CA
103 Gaurav Tandon
Head - Business
Dev & Execution
Excellence
104 George Fanthome VP - Mobility IT

Solutions Eng
105 George Mathen
Nature of
employment,
whether
contractual
or otherwise
Nature
of duties
of the
employee
21
Permanent
Operations &
Management
9,822,047 Spice Communications/

Vice President
9-Oct-06
12
Permanent
Technology
Services
6,590,607 Securt Synergy / Director
41
17-Mar-03
16
Permanent
Finance
& Accounts
3,158,157 Tenneco Automotive Inc /

Finance Controller
PGDBA
38
8-Nov-01
17
Permanent
Sales & Marketing
2,595,955 Escotel Mobile

Communications Limited /
Assistant Manager -Sales
MBA
42
9-Jul-07
20
Permanent
Technology
Services
5,347,851 Genpact / Vice President
VP - Sales & Marketing B.Com
Total
experience
Gross
40
17-Nov-06
17
Permanent
Sales & Marketing
4,515,636 Coca Cola India / Head - Sales
106 Gopalakrishnan R Head - CSD - AP
MBA
42
29-Sep-06
15
Permanent
Customer Service
Delivery
3,080,978 HCIL / Head - Program

Management
107 Govind Narayan

Dwivedi
B.E. & MBA
53
10-Jan-07
30
Permanent
Customer Service
Delivery
4,901,718 Comverse Network Systems /

Director
108 Gunjan Sachdev DGM - Sales
MBA
33
21-Jun-02
11
Permanent
Sales & Marketing
2,541,185 HCL Comnet Limited /

Major Account Manager
109 Gurmeet Singh

Sandhu
GM - Technical
B.E./B.Tech
44
12-Feb-01
23
Permanent
Technical Services
3,068,689 Punwire / Asst. General Manager
110 H C Ruben
Salvadoray
GM - HR
MSW
38
18-Jul-05
16
Permanent
Human Resources
4,175,907 Motorola India Limited / Head

Learning, HR Strategy & OD
111 Harendra Kumar Head - SCM
PGDBM
54
1-Mar-07
31
Permanent
Supply Chain
Management
3,432,529 Tecumseh India Limited /

Associate Vice President /
Director Sourcing - Asia Pacific
112 Hari Sreedharan
GM - Technical
M.Tech/MS
43
14-Feb-06
19
Permanent
Technical Services

Technical Head
113 Harinder Singh

Grewal
Head - SCM
B.Com
51
30-Sep-03
25
Permanent
Supply Chain
Management
2,689,017 Spice Communication Limited /

Sr.Manager
114 Harish Kumar

Wadhwa
GM - Marketing
PGDBM
40
9-Feb-05
15
Permanent
Sales & Marketing
2,526,906 Parsec Technology Limited /

Sr.Manager
115 Harpreet Singh
Regional Business
Head
MBA
43
15-Apr-04
19
Permanent
Sales & Marketing
3,771,956 Integrated Technology Solutions

Pvt Limited / General Manager
116 Harsh Dhillon
DGM - Sales/ISP/
Carriers/Cable
BA
37
15-Mar-02
14
Permanent
Sales & Marketing
2,863,897 Band-X-Limited / Manager
117 Harsh Malhotra
DGM - Sales/Corporate PGDBM
38
19-Nov-95
17
Permanent
Sales & Marketing
2,636,617 Sterling Holiday Resorts India

Limited / Sr.Sales Executive
VP - CSD
118 Heera Lal Gupta Head - Technical
B.E./B.Tech
41
16-Feb-99
20
Permanent
Technical Services
5,209,615 Koshika Telecom Limited /

Sr.Manager
119 Hemant Dadlani
Head - Sales Kolkata
MBA
38
13-Jul-95
20
Permanent
Operations &
Management
4,372,008 Blue Dart Express Limited /

Sales Executive
120 Hemant Malik
GM - Networks
B.E./B.Tech
36
1-Jun-05
12
Permanent
Technical Services

Network Architect
121 I P Tiwari
DGM - Sales
B.E./B.Tech
37
4-Mar-02
19
Permanent
Sales & Marketing
3,030,355 Sify / Unit Head
122 Inder Walia
Group Director Human Resources
PGDBM
51
6-Aug-07
25
Permanent
Human Resources 25,552,186 Arcelor Mittal /

Corporate Director-HR
123 Inderjit Hundal
GM - P2M
M.Tech/MS
42
2-Apr-07
17
Permanent
Customer Service
Delivery
3,671,710 Vodafone Group Technology /

Programme Manager
124 J P Srivastava
GM - Technical
B.E./B.Tech
58
11-Jan-01
30
Permanent
Technical Services

Associate Consultant
125 Jagbir Singh
CTO - Mobility
MBA
45
9-Nov-01
23
Permanent
Technical Services 13,923,123 Nortel Networks, Singapore

Director-Network Systems &
Solutions
126 Jagdeep Sethi
DGM - Marketing
MBA
40
3-Nov-00
16
Permanent
Sales & Marketing
2,586,508 Casio India Co. / Asst. Manager
127 Jagdish S
Randhawa
Head - Service
Marketing
M.Sc
58
26-Feb-04
36
Permanent
Customer Service
Delivery
4,643,257 Spice Communications Limited /

Vice President
128 Jai Menon
Director- Customer
Service & IT
MSMech Engg. 45
& PhD Mech Engg
22-Aug-02
17
Permanent
Information
Technology
32,209,925 BellSouth Corporation /

Corporate Officer and
Executive Vice President
129 Jantina Catharina Director-Alliance

van de Vreede
& Corporate
Responsibility
Master of
Dutch Law
49
16-Aug-01
32
Contract
Alliance &
Corporate
Responsibility
26,252,834 British Telecom/ Alliance Director
130 Jaywant Mohan Head - Finance

Puri
CA
45
12-Jul-05
18
Permanent
Finance
& Accounts
2,473,018 Pepsi Co India Holdings Pvt

Limited / GM-Finance
37
17-Apr-07
13
Permanent
Technical Services
4,989,048 Nortel / Manager
131 Jehangir
Khambata
DGM - IT & Innovation B.E./B.Tech
132 Jinesh Nabhiram Regional Voice Head

Hegde
B.E./B.Tech
40
20-Nov-01
19
Permanent
Sales & Marketing
2,637,836 Tractbc Tirfor India Private

Limited / Regional Manager
133 Joseph
Rajakumar A
B.E./B.Tech
45
28-Jan-02
22
Permanent
Technology
Services
2,853,083 RPG Paging Limited / Manager
Head - IT
Sl. Name
No.
53
53
7/21/2009, 9:23 PM
Sl. Name
No.
Designation
Qualification (s)
Nature of
employment,
whether
contractual
or otherwise
Nature
of duties
of the
employee
134 Joydeep Roy

Chowdhary
GM - FX & OM
MBA
39
10-Jun-02
14
Permanent
Customer Service
Delivery

Assistant Manager-Customer Care
135 K Rangarajan
GM - Marketing
MBA
40
1-Nov-04
16
Permanent
Sales & Marketing
2,566,669 Marketing And Development

Research Associates / Project
Director
136 K Shankar
GM - T2R-I&FR
B.E./B.Tech
42
23-Jul-97
22
Permanent
Technical Services
2,956,226 Pertech Computers Limited /

Dy. Manager- Scm
137 K Srinivas
Joint President Telemedia Services
BE, PGDBM
46
7-Nov-02
21
Permanent
Business Head
138 Kavi Mahajan

139 Kedar Teny
Head - Marketing
MBA
35
20-Aug-07
13
Permanent
Sales & Marketing
2,697,974 Idea Cellular Limited / Manager
GM - Marketing
MBA
37
26-Sep-07
13
Permanent
Sales & Marketing
2,410,719 Lowe Worldwide / Brand Planning

Director - South East Asia
140 Kishor Asrani
National Sales
Vertical Head - M&D
B.Sc
39
15-Feb-05
18
Permanent
Sales & Marketing
3,218,740 HCL Infinet Limited /

Zonal Head - North & East
141 Koustuv Mitra
Head - HR
Telemedia Services
B.Sc
46
11-Dec-06
22
Permanent
Human Resources
6,123,032 Convergys India Services Private

Limited / Senior Director
142 Krish Shankar
Director - HR
PGDBM
46
23-Mar-07
25
Permanent
Human Resources 19,557,158 Unilever Asia Africa Singapore

(Hindustan Lever Limited)/ Vice
President - HR
143 Krishan K Sharma DGM - Sales
MBA
35
3-Oct-97
14
Permanent
Sales & Marketing
2,545,456 Sayaji Hotels Limited / Sales

Executive
144 L Ramakrishna
VP - SCM
M.Tech
44
29-Sep-00
18
Permanent
Supply Chain
Management
4,162,320 Alcatel / Sr. Manager
145 Lal Bahadur

Prasad
VP - Service Delivery
PGDCBM
42
1-Jul-02
19
Permanent
Customer Service
Delivery
4,600,160 Wipro Infotech / Project Manager
146 LV Lanka
Venkata Sastry
Operations Head Karnataka
MBA
42
19-Sep-06
19
Permanent
Sales & Marketing
4,646,087 Xerox India Limited /

GM-National Key Accounts
147 M P Deepu
Head - Contact
Experience
BA
36
15-Oct-96
16
Permanent
Customer Service
Delivery
3,443,774 Hab Est, Saudi Arabia /

Sales Executive
148 Madanagopal
Ramachandran
CIO South & West 2
MBA
48
11-Feb-04
24
Permanent
Technology
Services
4,511,713 RPG Cellular / Head - IT
149 Madhav Shenoy VP - Network
M.Sc
43
13-Oct-04
19
Permanent
Technical Services
3,493,561 Institute Of Quality Limited /

Associate Vice President
150 Madhu Dua
GM - Marketing
PGDITM
37
20-Feb-02
16
Permanent
Sales & Marketing

Limited / Maanger
151 Madhukar
Srivastava
VP - Network
B.E./B.Tech
47
25-Jun-07
24
Permanent
Technical Services
3,530,142 Tata VSNL /

Head-Planning & Implementation
152 Madhuranjan
Kumar
GM - Technical
M.Tech
41
4-Mar-02
13
Permanent
Technical Services
2,763,964 Lucent Technologies / Engineer
153 Mahendra Kumar GM - Network

Baghel
B.E./B.Tech
45
30-Nov-01
22
Permanent
Technical Services
2,842,745 Shyam Telelink Limited / Deputy

General Manager
154 Mahesh Thampi
COO - MO MP&CG
Post Graduation
47
20-Mar-06
24
Permanent
Operations &
Management

Circle Head
155 Manav Deep

Mianwal
GM - Marketing
MBA
36
14-Nov-06
10
Permanent
Sales & Marketing
3,281,569 American Express Bank Limited /

Product Head
156 Manika Choubey GM - INT Delivery
M.Sc
45
20-Jun-97
18
Permanent
Technology
Services
3,196,852 PCL Software Exports Division /

Sr. Manager
157 Maninder Singh
Head - Technical
B.E./B.Tech
40
9-May-05
19
Permanent
Technical Services

Dy. General Manager
158 Manish Bhatt
VP - Marketing
PGDBM
42
11-Sep-03
24
Permanent
Sales & Marketing
4,023,909 BPL Mobile Limited / Branch Head
159 Manish Lamba
GM - Legal
LLB
37
1-Aug-06
12
Permanent
Legal Services
2,705,502 Hindustan Coca Cola Beverages

Private Limited / Legal Councel
(In House)
160 Manish Rastogi
Head - CS - South
& West 2
PGDBM
42
10-Jun-02
17
Permanent
Customer Service
Delivery
3,912,677 Honda Siel Cars /

Manager Marketing
161 Manish Trehan
Head - Modern Trade
BA (Hons)
44
26-Aug-02
16
Permanent
Sales & Marketing
4,701,518 Hindustan Times Limited /

Dy. Manager
162 Manisha Chopra Head - HR
MBA
42
1-Feb-07
20
Permanent
Human Resources

Head-HR
163 Manoj Kohli
CEO & Joint

Managing Director
B.Com, LLB, MBA 50
26-Oct-02
29
Permanent
Business Head
164 Manoj Kumar

Jain
Head - IT AES Corporate
MBA
39
1-Feb-07
17
Permanent
Technology
Services
2,564,385 Induslogic Inc / Director - CSS
165 Manoj Manicketh VP - Sales
MA (Eco)
43
24-Sep-03
22
Permanent
Sales & Marketing

City Manager - Wired Line
166 Manoj Murali
Head - CSD
MBA
38
1-Oct-01
14
Permanent
Customer Service
Delivery
3,338,254 Crompton Greaves /

Area Sales Manager
167 Manoj Paul

- Enterprise Services,
Mumbai
41
8-Apr-02
16
Permanent
Operations &
Management
5,179,962 HCL Commet / GM Legal
54
Age
Date of
commencement
of employment
Total
experience
Gross
13,944,730 Hindustan Lever Limited/

Business Manager New Ventures

Limited / Executive Director &
Chief Executive Officer
7/21/2009, 9:23 PM
Designation
Qualification (s)
Age
Date of
commencement
of employment
168 Manoj Rao
DGM - Marketing
MBA
41
28-Oct-02
169 Manoj Tandon
GM - Network
B.E./B.Tech
41
170 Manu Talwar
CEO - MO
Maharashtra & Goa
CA
171 Meenakshi Vajpai Sr. VP - IT

172 Mehul K Shah
Chief Architecture
& Planning - IT &
Innovation
173 Michael Eric Lobo Head - Service

Operations
Total
experience
Nature of
employment,
whether
contractual
or otherwise
Nature
of duties
of the
employee
Gross
14
Permanent
Sales & Marketing
3,016,047 Global Telecom Services Limited /

Manager - Marketing
16-Dec-02
18
Permanent
Technical Services
2,619,801 Hughes Telecom (I) Limited /

Manager
45
7-Aug-06
22
Permanent
Operations &
Management
PGDCA
46
12-Aug-03
23
Permanent
Technology
Services
5,474,517 VCustomer Services India Pvt

Limited / General Manager
MS in Computer,
BS (Engg)
43
13-Dec-06
18
Permanent
Information
Technology
8,555,713 Verizon Communications Irving

TX/ Techinical Manager-Strategic
Architecture Platforms
BA
45
18-Oct-02
22
Permanent
Customer Service
Delivery
3,655,497 Koshika Telecom Limited / Asst.

General Manager-Customer Care
& Collections
11,568,430 Coca-Cola India/

Regional Vice - President
174 Milan Rao

Delhi
38
1-Apr-03
15
Permanent
Operations &
Management
7,486,919 JM Morgan Stanley / Head Sales
175 Mohammed
Imthiaz Yunus
GM - Marketing
PGDBM
34
6-Jan-04
10
Permanent
Sales & Marketing
3,258,947 Mc Dowell & Co. Limited /

Sr. Manager
176 Mohan Verma
Head - Sales &

Marketing
PGDBM
36
27-Sep-06
12
Permanent
Sales & Marketing
3,408,351 GE Money Financial

Services Limited /
Product Head - Retail Loan
177 Mudit Agarwal
Head - IT
PGDBM
38
14-Jun-05
15
Permanent
Technology
Services
3,384,575 Dalmia Consumer Care /

Head - IT
178 Mukesh Singla
Head - Finance
CA
37
19-Nov-01
13
Permanent
Finance
& Accounts
3,064,447 Spice Communication Limited /

Deputy Manager - Finance
179 Munish Kanotra
VP - Marketing
PGDBM
38
9-Oct-01
14
Permanent
Sales & Marketing
5,078,127 Spice Telecommunications /

Sr. Manager
180 Murali Kittu
Head - Service
Operations
MBA
40
1-Jul-05
17
Permanent
Customer Service
Delivery
6,067,265 Standard Chartered Bank /

National Manager
181 Murali Nayar
DGM - ILD/Carrier
Services
B.E./B.Tech
39
2-Jul-01
12
Permanent
Sales & Marketing

Account Manager
182 Muralidhar
GM - SCM
Sankaranarayanan
Sarma
MFM
42
4-Sep-06
21
Permanent
Supply Chain
Management

Sr. Manager
183 Murtuza Charania GM - Marketing
MBA
38
1-May-07
15
Permanent
Sales & Marketing
2,704,442 Samsung India /

National Training Manager
184 N Arjun
Executive Director DTH
B.Com, MBA
52
& PG Diploma in
International Trade
17-Jan-83
28
Permanent
Business Head
185 N L Garg
Chief Supply Chain

Officer
B.E./B.Tech
19-Jul-04
22
Permanent
Supply Chain
Management

Limited / Dy. Manager
44
16,208,854 Bharti Tele-Ventures Limited/

186 N P Muralidharan Head - Technical
M.Tech/MS
52
19-Apr-05
34
Permanent
Technical Services
2,561,927 Indian Army / Colonel
187 N Shanker Ravi
VP - IT
PGDM
41
2-Nov-05
15
Permanent
Technology
Services
3,349,639 IBM Global Services /

Dy. General Manager
188 Nagarajan R
Head - Technical
B.E./B.Tech
45
1-Aug-00
25
Permanent
Technical Services
3,888,886 Bharti Cellular Limited /

Head-Technical
189 Najib Khan
Chief Operating Officer B.E./B.Tech

South
39
3-Jul-01
17
Permanent
Operations &
Management
4,621,686 Alcatel Business Systems /

Technical Manager
190 Narayanan
Arunanchalam
Head - HR - East,
West & Sri Lanka
MA (Psy)
45
7-Nov-07
20
Permanent
Human Resources
3,476,927 Wipro Limited / Vice President
191 Narender Gupta
Corporate DirectorGroup Regulatory

Affairs
B.Com, PGDBM,
FCS, LLB
51
1-Feb-99
29
Permanent
Regulatory
192 Naveen
Aldangady
GM - SCM
B.E./B.Tech
42
1-Feb-07
19
Permanent
Supply Chain
Management
2,995,793 RCL / Head - Source
193 Naveen Gupta
GM - Collections
PGDBM
35
10-May-07
13
Permanent
Customer Service
Delivery
3,451,375 Barclays / Associate Director
194 Navin Sherman
Head - Finance
CA
39
7-May-03
15
Permanent
Finance
& Accounts
3,614,868 BPL Mobile Communications

Limited / Sr. Manager
195 Neeraj Jain
GM - Sales
M.Tech/MS
39
1-Mar-00
17
Permanent
Sales & Marketing
3,832,695 Siemens Informations System

Limited /
Business Manager-Marketing
196 Nikhil Kumar
Head - IT - East
& Sri Lanka
PGDCA
47
17-Jul-01
19
Permanent
Technology
Services
3,085,055 BPL Mobile Limited / Manager
197 Nilanjan Roy
Chief Controller Mobility
CA
43
1-Mar-06
19
Permanent
Finance
& Accounts
198 Nivedan Sahani
National Sales Vertical MBA

Head - PSU & Govt
45
12-Jun-06
21
Permanent
Sales & Marketing
4,162,164 Microsoft / Relationship Manager
199 P R Sridhar
DGM - Technical /
BSG
48
19-Jan-01
23
Permanent
Technical Services
2,512,339 India Satcom Limited /

Sr. Manager Network Solutions
MBA
12,238,062 DLF Cement Limited/

Sr. Manager Legal to GM-Legal
10,672,208 Unilever Nv/Plc, USA /

Finance Director
Sl. Name
No.
55
55
7/21/2009, 9:23 PM
Sl. Name
No.
Designation
Qualification (s)
Age
Date of
commencement
of employment
200 P S Parasuram
Head - Innovation,
Marketing &
Communication
PGDBM
43
22-Jan-07
201 P S Sandhu
CTO - Sri Lanka
M.Tech
58
202 Pankaj Gulati
GM - Finance
CA
203 Pankaj Miglani
Sr. VP - Finance
204 Pankaj Sarna
Nature of
employment,
whether
contractual
or otherwise
Nature
of duties
of the
employee
17
Permanent
Sales & Marketing
9,012,155 Sony Entertainment Television/

Head Projects
7-Aug-01
34
Permanent
Technical Services
6,552,670 Bonsai Networks India

Private Limited /
Country Head (India Operations)
38
26-Dec-03
13
Permanent
Finance &
Accounts
2,673,712 Eicher Goodearth Limited /

Manager
CA
39
21-Dec-01
16
Permanent
Finance &
Accounts
6,213,535 GE Capital Transportation

Financial Services / AVP
VP - SCM
B.Com
48
16-Jan-99
23
Permanent
Supply Chain
Management
4,097,155 Modi Xerox Limited /

Controller - Indirect Channels
205 Pankaj Sootha
VP - Business
Heads Office
M.Tech/MS
40
6-Mar-00
18
Permanent
Operations &
Management
4,740,809 Glosolar Energy(India) Limited /

Technical Manager
206 Parimal Mohile
GM - IT
BA
48
21-Dec-00
21
Permanent
Technology
Services
3,101,266 Milestone Interactive Software

Limited / Manager Operatiion
207 Parkash Vir

Bhatia
DGM - CSD
B.E./B.Tech
43
2-Aug-02
22
Permanent
Customer Service
Delivery
2,979,314 HFCL Satellite Comm. Limited /

Sr. Manager
208 Partha Roy
GM - SCM
PGDBM
41
16-Apr-98
19
Permanent
Supply Chain
Management
3,242,148 Onida Savak Limited /

Deputy Manager
209 Parthasarathy
Munuswamy
GM - Technical
B.E./B.Tech
56
24-Aug-01
37
Permanent
Technical Services
4,546,285 DOT / Dy. General Manager
210 Pawan Kaushal
GM - Prod Mgmt
& Bus. Solutions
Diploma
37
1-May-00
15
Permanent
Sales & Marketing
2,636,398 STPI / Technical
211 Payush Gupta
DGM - Finance/
Commercial
B.E./B.Tech
38
14-Dec-06
14
Permanent
Supply Chain
Management
2,521,151 Tata Infotech / Commercial Head

(Asst. General Manager)
212 Prabhu Prasad

Dash
Head - Technical
B.E./B.Tech
42
25-Jun-01
21
Permanent
Technical Services
2,662,405 Bonsai Networks / Sr. Manager
213 Pramendra Garg Chief Operating Officer CA

- Telemedia, South
35
23-Oct-03
12
Permanent
Finance
& Accounts
2,747,812 Aircel Digilink India Limited /

Manager Finance
214 Prasanta Das

Sarma
COO - Telemedia North B.E. & MBA
46
19-Aug-02
24
Permanent
Operations &
Management
7,647,884 HFCL / Associate Vice President
215 Prashant Deo

Singh
Head - HR
PGDPM
39
17-Jan-05
14
Permanent
Human Resources
3,128,479 Lord Krishna Bank /

Deputy Vice President
216 Prashant Kumar

Goswami
VP - Business Heads
Office
MBA
42
15-Dec-03
21
Permanent
Operations &
Management
3,503,021 Xerox Modicorp. Limited /

Head of Technical Support
217 Prashant Veer

Singh
VP - CCT
B.E.
39
13-May-04
15
Permanent
Technology
Services
3,443,722 Net Vision Cybertech Limited /

AVP Infrastructure
218 Puneet Garg
VP - Technical
B.E./B.Tech
40
30-Jan-06
17
Permanent
Technical Services
4,263,964 Lucent Technologies /

Asst. Director - NOS
219 Puneet Tandon
GM - Finance
CA
43
15-Feb-01
19
Permanent
Finance
& Accounts
2,948,314 National Panasonic /

Manager Finance
220 R Ganesh
GM - Network
MBA
39
1-Aug-05
13
Permanent
Technical Services
2,650,697 Nera Telecommunication (India)

Private Limited / Sr. Manager Engineering
221 R K Bhardwaj
GM - SCM
PGDM
50
10-Jan-07
26
Permanent
Supply Chain
Management
2,965,263 Lenovo IBM (India) Private

Limited / Head Supply Chain
222 Raghav Rao
Head - VSAT
MBA
45
1-Apr-05
20
Permanent
Sales & Marketing
5,011,041 Comsat Max / General Manager
223 Raghunath
Mandava
CEO - MO Rajasthan
PGDM
42
29-Sep-03
18
Permanent
Operations &
Management
8,529,683 Hindustan Lever Limited /

Operations & Marketing Manager
224 Rahul Gupta
CSO - Mobility
CA
43
1-Dec-06
21
Permanent
Customer Service
Delivery
9,912,596 GE Capital Business Process

Mgmt Service Limited /
Vice President
225 Raj Kishore

Prusty
VP - CSD
ICWA
44
8-Mar-04
15
Permanent
Customer Service
Delivery
3,862,768 GE Consumer Finance /

Regional Manager - Collections
226 Rajalakshmi Vijay DGM - CIG
CA
44
31-Dec-02
20
Permanent
Customer Service
Delivery
2,584,991 National Insurance Company

Limited / Administrative Officer
227 Rajan JS Kahlon GM - Global

Data Business
B.E./B.Tech
38
9-Aug-06
14
Permanent
Sales & Marketing
2,700,764 VSNL / Dy. General Manager
228 Rajan Swaroop
Executive Director NSBU
B.E. & MBA
52
15-Nov-04
26
Permanent
Business Head
229 Rajat Jain
GM - E-tize PMO &

Special Projects
MBA
40
22-Mar-04
14
Permanent
Technology
Services

General Manager
230 Rajeev Chawla
GM - Finance
PGDBM
35
4-Mar-02
Permanent
Finance
& Accounts

Limited / Asst. Manager
231 Rajesh Agrawal
Head - Sales &

Marketing
B.E. & MBA
39
5-Nov-01
15
Permanent
Sales & Marketing
2,521,824 Philips India Limited / Manager

Marketing And Sales
232 Rajesh Khanna
VP - Client Service
Management
M.Sc
46
1-May-06
19
Permanent
Customer Service
Delivery
4,888,524 Telcordia Technologies Inc. /

Marketing Head
56
Total
experience
Gross
12,563,683 Escotel Mobile Comunications

Limited/ Chief Executive Officer
and Executive Director
7/21/2009, 9:23 PM
Designation
233 Rajesh Kumar
Qualification (s)
Age
Date of
commencement
of employment
GM - CSO - Wholesale PGDBA

Data Business
39
14-Jun-07
234 Rajesh Kumar

Dudeja
Head - CSD
B.E./B.Tech
40
235 Rajesh Sahana
VP - Service
Operations and
B2C Projects
B.A. (Hons)
236 Rajiv K Bose
Head - CSD
237 Rajiv Mitra
Total
experience
Nature of
employment,
whether
contractual
or otherwise
Nature
of duties
of the
employee
Gross
12
Permanent
Customer Service
Delivery
3,250,466 Convergys India /

Sr. Manager - Technology
10-Feb-98
15
Permanent
Customer Service
Delivery
2,704,799 Modi Xerox / Sr.Service Engineer
37
6-Jul-06
16
Permanent
Customer Service
Vice President
3,701,144 ABN Amro Bank / Vice President
B.A.
44
1-Nov-04
21
Permanent
Customer Service
Delivery
4,598,553 American Express / Manager
GM - Marketing
MBA
41
2-Mar-04
16
Permanent
Operations &
Management

Head-Enterprise
238 Rajiv Rajgopal
CEO - MO TN
MBA
41
12-Sep-07
18
Permanent
Operations &
Management
6,459,120 Castrol India Limited/

VP Sales - Retail
239 Rajiv Sehgal
Product Head - VAS
MFC
38
19-Feb-03
16
Permanent
Sales & Marketing
3,281,932 BNP Paribas Bank /

240 Rajiv Talwar
GM - HR
MBA
47
1-May-03
20
Permanent
Human Resources
3,346,148 Sun Reach HR Consultants /

General Manager
241 Rajnish Kaul
Chief Operating Officer BA (Hons)

- MO AP
41
28-Jan-03
20
Permanent
Operations &
Management

Limited / Head Sales
242 Rajnish Sharma
DGM - VSAT Product

Development
B.E./B.Tech
36
4-Aug-06
15
Permanent
Technical Services
2,581,572 Hughes / Head - BSG
243 Rajnish Singh

Baweja
Sr. VP - Finance
CA
40
26-Sep-01
15
Permanent
Finance
& Accounts

Asst. General Manager-Finance
244 Rakesh Kumar
VP - Technical
M.Tech/MS
41
1-Apr-06
19
Permanent
Technical Services
4,185,017 BSNL /
Jt. Deputy Director General
245 Rakesh Kumar
GM - Networks
MBA
45
20-Jul-07
20
Permanent
Technical Services
5,031,737 Harris Starex / General Manager
246 Rakesh Sharma
GM - Regulatory,
Audit/Compliance
B.E./B.Tech
46
1-Jul-04
24
Permanent
Customer Service
Delivery
3,057,350 VSNL / Head Customer Service
247 Rakesh Vaidya
Business Head Corporate &

SMB - Mobility
MBA
44
31-Oct-07
21
Permanent
Operations &
Management
4,271,617 Teletech Services India Limited /

Vice President
248 Ramakrishna J
Head - Aquisition
PGDM
35
30-Jun-06
11
Permanent
Sales & Marketing
2,646,862 Coca Cola / Regional Manager
249 Ramamurthy
Kolluri
VP - Networks
MBA
54
3-Nov-00
29
Permanent
Technical Services
5,973,600 Siemens Public Communication

Networks Limited /
VP Information & Broadband
PGDBM
36
2-Aug-04
14
Permanent
Sales & Marketing
3,513,565 Accenture Services Private

Limited / Mbb, Consultant
251 Ramananda S G Zonal Business

B.Sc
Manager-Chennai Zone
43
18-Sep-07
23
Permanent
Sales & Marketing
2,503,172 Raksha Group /

252 Ramesh Bindroo GM - Bid Management PGDBM
42
29-Sep-06
18
Permanent
Sales & Marketing
3,192,868 Avaya /
National Manager-Govt. Business
253 Ramesh Chandra GM Network Planning
B.E./B.Tech
43
29-Sep-03
18
Permanent
Technical Services
2,598,949 Iserve India Solutions

Private Limited /
Dy. General Manager-Netops
254 Ramesh R
GM - App Planning
Conformance
MBA
42
2-Aug-04
21
Permanent
Technology
Services

Sr. Manager
255 Randeep Singh

Sekhon
VP - Technical
B.E.
40
9-Jan-06
17
Permanent
Technical Services
5,227,325 Erricson India Limited /

National Head
256 Rashmi Mehrotra DGM - Processes
M.Tech
41
1-Sep-04
18
Permanent
Technology
Services
2,596,032 Centre For Devlopment of

Telematics / Program Manager
257 Ravi Chandran
RBH - Regional
Business Head
M.Sc
44
31-Dec-07
21
Permanent
Sales & Marketing

General Manager-Sales
258 Ravi Kaushal
Sr. VP - Finance
CA
53
17-Apr-95
29
Permanent
Finance
& Accounts
6,585,559 TCIL Bellsouth Limited /

General Manager-Finance
259 Ravi Kumar

Pattamatta
DGM - Network Operations
Diploma
40
3-Sep-01
19
Permanent
Technical Services

Asst. Manager
260 Ravi Parkash

Gandhi
GM - Legal
B.E./B.Tech
38
3-Mar-08
17
Permanent
Legal Services

Vice President
261 Ravi Ramaswamy Regional CS Head
M.Tech/MS
40
2-Jul-07
18
Permanent
Customer Service
Delivery

Head - Ico
262 Ravinder Bansal
GM - Finance
CA
34
10-Nov-00
13
Permanent
Finance
& Accounts
2,602,623 JC Bhalla & Co. Chartered

Accountant /
Chartered Accountant
263 Ravindra Kumar

Upadhyay
Head - CSD
CA
37
24-Dec-01
16
Permanent
Customer Service
Delivery
2,706,178 Reliance Telecom Limited /

Manager Commercial
264 Ravindra Singh

Negi
Head - Sales &

Marketing
PGDBM
37
1-Aug-00
14
Permanent
Sales & Marketing
3,639,070 Koshika Telecom Limited /

Product Manager - Prepaid
MBA
38
9-Jan-02
Permanent
Operations &
Management

Limited / Assistant Manager
Product-Contract
250 Ramanan
VP - Sales
Seshadri Venkata
265 Reena Aggarwal DGM - Business

Heads Office
Sl. Name
No.
57
57
7/21/2009, 9:23 PM
Sl. Name
No.
Designation
Qualification (s)
Age
Date of
commencement
of employment
266 Reena Tyagi
Head - HR
MBA
38
6-Aug-07
267 Rohit Chopra
GM - Finance
CA
43
268 Rohit Midha
Zonal Business
Manager
MBA
269 Rohit Relan
GM - B2C Projects
Total
experience
Nature of
employment,
whether
contractual
or otherwise
Nature
of duties
of the
employee
Gross
16
Permanent
Human Resources
3,529,437 ABN Amro Bank /

Vice President - Human Capital
9-Jan-06
17
Permanent
Finance
& Accounts
5,667,047 Aircel Digilink India Limited /

Head (Account)
37
19-Jul-04
14
Permanent
Sales & Marketing
3,424,519 Vijesh Marketing Pvt Limited /

Head South India
CA
39
4-Apr-05
15
Permanent
Customer Service
Delivery

Sr.Manager
270 Rohit Srivastava VP - IT
B.E./B.Tech
40
28-Nov-07
17
Permanent
Technology
Services
3,411,890 Telmar Network Technology /

General Manager
271 Rudra Dash
Head - CSD
MBA
46
13-Mar-06
22
Permanent
Customer Service
Delivery
3,260,808 Reliance / Head Operations
272 Rupam Bora
GM - Application
Support
PGDBM
43
21-Aug-06
20
Permanent
Technology
Services
2,626,085 Reliance Infocomm Limited / GM
273 Rupinder Goel
CIO, Enterprise
Services
MBA
49
17-Jul-06
24
Permanent
Technology
Services
7,565,122 I Soft Ppe Limited /

274 RVS Bhullar
Chief Opearting Officer MBA
47
5-Feb-04
24
Permanent
Operations &
Management
5,153,753 Coca Cola India /

Area General Manager
275 S Asokan
Director Supply Chain
B.E (Mechanical),
AICWA
51
7-Jun-06
24
Permanent
Supply Chain
Management
12,678,490 Eicher Good Earth Limited/

General Manager
276 S Balasubramanian CFO - North Hub
CA
43
8-Aug-05
18
Permanent
Finance
& Accounts

General Chief Accountant
277 S Ganesan
GM - Network Operations
PGDHRM
52
29-Jan-01
29
Permanent
Technical Services
278 S K
Mukhopadhyay
Head - Finance
CA
40
15-Nov-07
15
Permanent
Finance
& Accounts
2,733,539 Cargill India Private Limited /

Finance Contoller Sales & Marketing
279 S K Sharma
Sr. VP - Head BE
B.E./B.Tech
53
9-May-03
32
Permanent
Quality Services
6,752,248 GE Capital /
Vice President - Quality
280 S Rajesh
Head - Operations
MBA
42
25-Apr-06
20
Permanent
Sales & Marketing
4,177,396 Go Airlines (India) Private Limited /

Vice President
(Sales & Marketing)
281 S Sivaramakrishnan Head - Service

Delivery Platform
M.Sc
56
1-Dec-03
30
Permanent
Technology
Services
6,732,614 Think Business Network Pvt

Limited / Vice President
282 S Sriram
GM - Marketing
PGDM
36
18-Oct-04
12
Permanent
Sales & Marketing
2,609,096 Mother Dairy Limited /

Marketing Manager
283 Sabu Verghese
GM - Network Chief TNG Office
MBA
49
11-Jul-05
30
Permanent
Technical Services

Cluster Head
284 Sachin
Deshpande
VP - Technical
B.E./B.Tech
42
12-Mar-02
18
Permanent
Technical Services
3,783,020 Siemens Public Comm. Limited /

Sr. Manager - Technical
285 Sachin R Sarna
DGM - Sales
MBA
35
13-Apr-05
14
Permanent
Sales & Marketing
2,570,109 BPL Cellular Limited /

Zonal Sales Manager
286 Sagar C Gosalia
Head - Marketing
PGDBM
36
20-Apr-07
13
Permanent
Sales & Marketing
2,943,733 Idea Cellular Limited / Head Marketing
287 Sagar Darbari
Head - Marketing
PGDTM
38
24-May-04
14
Permanent
Finance
& Accounts

Market Planning Manager
288 Salil Khanna
Regional Business
Head
B.E. & MBA
41
11-Jul-06
21
Permanent
Sales & Marketing

Circle Lead
289 Sam Elangalloor
CEO - Telemedia West PGDBM
44
2-Feb-04
19
Permanent
Operations &
Management
6,239,110 Zee Telefilms / Vice President Sales & Marketing
290 Samarth Bakhru Head - Marketing
PGDBM
33
22-May-00
10
Permanent
Sales & Marketing
2,597,561 Woodstock Sound Corp /

Sales Executive
291 Sameer Mathur
National Sales
Vertical Head - Retail
PGDAM
38
1-Sep-06
12
Permanent
Sales & Marketing
2,912,770 Pantaloon Retail India Limited /

Area Manager - North
292 Samit Guha
VP - Finance
CA
39
17-Mar-04
18
Permanent
Finance
& Accounts
3,494,880 Philips India Limited /

Factory Controller
293 Sandeep Behl
CSO - Enterprise
Services
B.E./B.Tech
45
16-Jan-07
23
Permanent
Customer Service
Delivery
7,921,164 Hewett Pakward India Limited /

Business Head
294 Sandeep Dhiman GM - Easy Charge,

LAN WAN &
Network Security
B.E./B.Tech
42
4-Jul-07
18
Permanent
Technical Services
3,229,229 Datacraft India Limited /

Sr. Regional Support Manager
295 Sandeep Jwala
GM - Network
B.E./B.Tech
46
13-Nov-06
20
Permanent
Technical Services
3,168,183 Shyam Telelink Limited /

General Manager
296 Sanjay Bahl
COO - MO HPHP
MBA
46
1-Apr-96
26
Permanent
Operations &
Management
5,629,397 Casio Mobile

Communication Limited /
General Manager - Marketing
297 Sanjay Berry
VP - Finance
CA
40
2-Apr-07
16
Permanent
Finance & Accounts 4,228,883 Patni Computers / VP - Finance
298 Sanjay Bhutani
GM - CSD
B.E./B.Tech
36
6-Apr-00
14
Permanent
Customer Service
Delivery
3,157,336 Fascel Limited / Project Manager
299 Sanjay Charan

Mathur
GM - Technical
M.Sc
46
3-Oct-98
24
Permanent
Technical Services
2,766,854 C Rly, BPL Div / Section Engr.
58
7/21/2009, 9:23 PM
Designation
Qualification (s)
Age
Date of
commencement
of employment
300 Sanjay Gupta
Chief Marketing
Officer
B.E. & MBA
42
15-Mar-07
301 Sanjay Jain
PFO (West Hub)
C.A.
45
302 Sanjay Kapoor
Deputy CEO
B.Com (Hons),
MBA
47
303 Sanjay Kumar
GM - Finance
CA
304 Sanjay Mittal
Head - VSAT
305 Sanjay Rawal
DGM - App Planning

& Conformance
Nature of
employment,
whether
contractual
or otherwise
Nature
of duties
of the
employee
19
Permanent
Sales & Marketing 16,312,797 Hindustan Levers Limited/

Head Marketing (GM)
13-Aug-98
16
Permanent
Finance & Accounts 4,652,508 Continental Float Glass /Manager
1-Mar-06
25
Permanent
Business Head
38
20-Aug-07
14
Permanent
Finance
& Accounts
2,871,765 Convergys /
Sr. Manager - Finance
B.E./B.Tech
43
30-May-06
19
Permanent
Technical Services
7,255,515 Ingram Micro India Limited /

Head-Sales
B.E./B.Tech
37
19-Apr-05
14
Permanent
Technology
Services
2,511,999 Mahindra British Telecom /

Manager - Technical Infrastucture
Management
306 Sanjay Sachdeva GM - SCM
MBA
43
5-Feb-07
21
Permanent
Supply Chain
Management
2,706,400 Motorola /
S. I. Procurment Manager
307 Sanjay Saxena
GM - Commercial
B.E./B.Tech
43
1-Nov-06
18
Permanent
Supply Chain
Management
2,580,300 Hero Motors /

Dy. General Manager - Materials
308 Sanjay Sehgal
VP - Marketing
MBA
40
7-Aug-06
17
Permanent
Operations &
Management

National Sales Manager
309 Sanjeeb Kalita
Head - CSD
MBA
39
15-Apr-05
14
Permanent
Customer Service
Delivery
2,739,531 Accenture / Consultant
310 Sanjeev Bedekar CTO - East
M.Tech/MS
44
24-Aug-06
20
Permanent
Technical Services

Vice President
311 Sanjeev Chhabra VP - Sales
MBA
41
16-Oct-00
18
Permanent
Operations &
Management
3,422,291 Procall Limited /

Sr. Manager Sales
312 Sanjeev Kumar

Saxena
CEO - MO HPHP
CS
44
30-Jan-94
23
Permanent
Operations &
Management
8,241,324 A F Ferguson / Consultant
313 Sanjeev Kumar

Sood
GM - CAG
CA
39
21-Sep-98
19
Permanent
Audit
& Compliance
2,514,780 Invest India Economic Foundation /

Manager Accounts
314 Sanjeev Mahajan Regional Voice Head
Diploma
41
19-Sep-05
19
Permanent
Sales & Marketing

Dy. General
Manager-National Accounts
315 Sanjiv Mishra
Head - Sales
& Marketing
MBA
39
1-Aug-07
15
Permanent
Sales & Marketing
3,066,238 Becton Dickenson India /

Regional Manager
316 Sanjive Sharma
DGM - Sales
B.E./B.Tech
40
19-Jun-06
15
Permanent
Sales & Marketing
2,787,055 Btnaccess /
Business Dev. Manager
317 SankaranarayananHead - Technical

Venkataraman
B.E./B.Tech
53
12-Jan-02
29
Permanent
Technical Services
318 Sant Pratap Goel CTO - MO Gujarat
B.E./B.Tech
41
5-Jul-05
17
Permanent
Technical Services

Manager
319 Sarabjeet Kaur
Head - CSD
ICWA
41
19-Jun-06
19
Permanent
Customer Service
Delivery

General Manager, Head Customer Care
320 Sarvjit Singh

Dhillon
Group Director CMDs Office
B.A.(Hons),
FCIMA, MBA
43
29-Jun-01
21
Permanent
Finance
321 Sathya Prasad P Zonal Business

Manager-TN
Central Zone
MBA
37
12-Nov-01
12
Permanent
Sales & Marketing
2,520,351 Logis Lubenet Solutions Private

Limited / Unit Leader
322 Satyajit Patnaik
GM - HR
MBA
43
3-Jul-06
18
Permanent
Human Resources
3,441,234 Indraprastha Medical Corporation

Limited / Sr. General Manager
323 Saurabh Goel
Chief Operating Officer PGDBM
41
27-Jun-03
14
Permanent
Operations
Management
5,099,065 Hughes Escorts Comm. Limited /

Team Lead
324 Saurabh Mittal
DGM - Technical
B.E./B.Tech
32
16-Feb-07
12
Permanent
Technical Services
2,415,800 Idea Mobile Communication /

325 Selvinson S J S
GM - Technical
B.E./B.Tech
36
7-Jun-04
16
Permanent
Technical Services
3,197,717 Bonsai Networks /

Technical Head
326 Senthil Kumar

GM - VAS
Balasubramaniam
B.E./B.Tech
34
11-May-05
11
Permanent
Technical Services
2,657,041 Shogi Communications / Director
327 Shaikhali
Soyeabali
Barodawala
B.Com
42
28-Jan-02
15
Permanent
Sales & Marketing
3,519,820 Satyam Infoway / Field Executive
328 Shailendra Singh COO - Telemedia

South
PGDBM
43
15-Nov-97
19
Permanent
Operations &
Management
3,862,353 Jaypee Hotels /

Manager - Sales & Marketing
329 Shailesh A
Kantak
COO - Telemedia
West
MBA
42
12-Jan-06
18
Permanent
Operations &
Management
6,205,185 BPL Mobile Limited /

330 Shamik Das
CEO - Telemedia South CA
46
15-Oct-93
24
Permanent
Operations &
Management
10,943,946 Penguin Books India Limited /

Finance Administrator
331 Shamini
Ramalingam
Director - Internal
Assurance
Bachelor of
Commerce
50
30-Nov-07
27
Contract
AudIt &
Compliance
11,845,445 Telstra Corporation, Australia /

National Manager, Business
capability & Solutions
332 Shankar Halder
CTO - Telemedia
Services
B.E / B.Tech
50
19-Apr-04
26
Permanent
Technical Services 10,270,731 Escotel Limited / Chief Technical

Officer
RBH- Regional
Business Head
Total
experience
Gross
27,087,433 Tele Tech Services India Limited/

President & CEO
34,406,065 British Telecom /

ED & Chief Finance Officer
Sl. Name
No.
59
59
7/21/2009, 9:23 PM
Sl. Name
No.
Designation
Qualification (s)
Age
Date of
commencement
of employment
333 Sharad Gupta
Head - CSD - East
B.E./B.Tech
46
3-Sep-98
Total
experience
25
Nature of
employment,
whether
contractual
or otherwise
Nature
of duties
of the
employee
Permanent
Customer Service
Delivery
Gross
4,580,726 Thames Technologies /

Dy. General Manager (Sales)
334 Sharan Shetty
GM - Marketing
MBA
41
4-Jun-07
14
Permanent
Sales & Marketing
3,080,063 Levis Ci / Business Head
335 Sharlin Thayil
COO - MO Gujarat
PGDBM
47
28-Dec-00
23
Permanent
Operations &
Management
7,417,296 Bilt /
Deputy General Manager - South
336 Sharma Kumar

Sanjay
Head - Sales
MBA
43
9-Apr-07
20
Permanent
Sales & Marketing
5,088,887 Reliance Communications Limited/

Sales - Head
337 Shashi Arora
CEO - MO Delhi
B.E. & MBA
44
1-Feb-06
18
Permanent
Operations &
Management
7,794,162 Kotak Mahindra Bank /

Group Head - Marketing
338 Shefali Malhotra GM - Finance
CA
36
1-Mar-00
13
Permanent
Finance
& Accounts
2,716,165 Airborne Express /

Manager - Accounts
339 Shiben Das
VP - Technical
M.Tech/MS
40
22-Jan-01
15
Permanent
Technical Services
4,167,586 DOT / Deputy General Manager
340 Shishir Kumar
CEO - MO Bihar
& Jharkhand
PGDM
45
31-Aug-06
22
Permanent
Operations &
Management
7,215,859 Beta Healthcare International

Limited / Chief Operating Officer
341 Shivan Bhargava COO - MO Orissa
PGDBM
40
10-Oct-03
17
Permanent
Operations &
Management
4,951,673 Coca Cola India / Regional

Logistics & Planning Manager
342 Shrirang N Bijur
Sr. VP - SCM
MBA
56
12-Feb-07
35
Permanent
Supply Chain
Management
5,230,624 Reliance Capital Limited /

Sr. Vice President
343 Shweta Tangri
GM - Compensation
& Benefits
MBA
33
19-Feb-07
Permanent
Human Resources
3,875,558 Ernst & Young / Manager
344 Shyam Prabhakar VP - Technical

Mardikar
B.E.
38
20-Sep-01
20
Permanent
Technical Services
5,412,036 C-DOT / Research Engineer
345 Sonal Kapasi
VP - Business
Performance
Management
CA
37
3-Jan-00
17
Permanent
Operations &
Management
3,506,634 A F Ferguson & Co. /

Assistant Consultant
346 Soumya Ranjan

Jena
GM - Technical
B.E./B.Tech
42
5-Apr-07
12
Permanent
Technical Services
2,951,521 Ecnet / Manager
347 Sreedhar Krishna Principal Financial

Menon
Officer
MBA
38
1-Jul-02
13
Permanent
Finance
& Accounts
3,702,464 AFL Private Limited /

Manager - Accounts
348 Srikanth
Subramanian
GM - Sales
MBA
44
10-Sep-01
22
Permanent
Sales & Marketing
2,910,301 PC India Private Limited /

General Manager
349 Srinath Shetty

Operations
DGM - Zonal
MBA
40
17-Jan-05
17
Permanent
Customer Service
Delivery
2,737,733 Metro Media Technologies /

National Sales Manager
350 Srinath Vedula
GM - HR
PGDBM
48
20-Feb-06
23
Permanent
Human Resources

General Manager
351 Srinivas N
Head - Marketing
MMS
42
24-May-01
21
Permanent
Sales & Marketing
3,098,179 Mahindra Hotels& Resorts /

Divisional Manager - Marketing
352 Srinivas S Vemuri GM - Technical
MBA
40
11-Jul-98
18
Permanent
Technical Services
3,379,759 Vizag Steel Plant / Lecturer
353 Sriram T V
VP - Networks
PGDM
40
2-Feb-01
12
Permanent
Technical Services

Systems Engineer
354 Subir Jana
VP - SCM
B.E. & MBA
41
16-Apr-07
17
Permanent
Supply Chain
Management
4,845,607 Tata Autocomp Limited /

General Manager
355 Sudeep Banerjee VP - HR
MBA
39
21-Feb-05
17
Permanent
Human Resources
4,120,178 Aventis / General Manager-HR
356 Sudhanshu Datt GM - SCM
Diploma
43
1-Nov-06
21
Permanent
Supply Chain
Management
2,515,743 Genpact / Asst VP
357 Sudheendra
R Magdal
GM - Presidents
Office
PGDBM
36
2-Jan-08
11
Permanent
Operations &
Management
3,320,570 Infosys Technologies Limited /

Principal
358 Sudipto
Chowdhury
COO - MO Assam
B.Sc
45
16-Jun-03
23
Permanent
Operations &
Management
6,244,652 Bharti Hexacom Limited /

Vice President
359 Sugumaran J
Sr. VP - Chief
Network Officer
B.E./B.Tech
53
24-Jul-00
29
Permanent
Technical Services
6,514,138 BPL Mobile

Head Network Performance
360 Sukesh Jain
Chief Operating
Officer - AES North
MBA
41
1-Jun-00
17
Permanent
Operations &
Management
4,212,006 Procall / Sr. Manager
361 Sukhdeep Singh Head - Technical

Gill
B.E.
37
8-Feb-05
16
Permanent
Technical Services

Sr.Manager
362 Sukhjit Singh

Pasricha
MBA
37
7-Mar-07
15
Permanent
Human Resources
4,292,981 Pepsi / Vice President - HR
363 Sundararaman P Head - Finance
ICWA
40
12-Dec-05
16
Permanent
Finance & Accounts 4,587,117 Subhiksha Trading Services /

Vice President
364 Sunil Bharti Mittal Chairman and

Managing Director
Graduate
51
1-Oct-01
23
Contract
General
Management
208,966,418 Bharti Cellular Limited /

365 Sunil Colaso
COO - MO UPU
MBA
42
1-Oct-02
18
Permanent
Operations &
Management
6,871,076 Max Healthcare /

Dy. General Manager- Marketing
366 Sunil Mishra
Head - Marketing
MBA
37
6-Aug-07
14
Permanent
Sales & Marketing
4,338,871 Reliance Communications Limited/

National Head
367 Sunil Rajapurohit GM - Service

B.E./B.Tech
Fulfillment & Assurance
37
2-Jul-07
14
Permanent
Technology
Services
3,087,075 On Command Video Corp. /

Architect, Software Developer
368 Sunil Singh
40
1-Dec-04
16
Permanent
Sales & Marketing
2,659,051 Unicom Infotel / Director - Sales
Head - HR (AES)
DGM - Sales/Channel
& Acquisition
60
B.E / B.Tech
7/21/2009, 9:23 PM
Designation
Qualification (s)
369 Sunil Tandon
Chief Operating Officer MBA

- MO Maharashtra
Age
Date of
commencement
of employment
48
4-Nov-03
Total
experience
Nature of
employment,
whether
contractual
or otherwise
Nature
of duties
of the
employee
Gross
22
Permanent
Operations &
Management

Head Key National Accounts
370 Suphal Mehrotra GM - Marketing/

Product Management
MMM
37
9-Feb-04
16
Permanent
Sales & Marketing
2,968,765 Siemens Information Systems /

Bussiness Manager
371 Suraj Saha
GM - Sales (ZBM)
B.E. & MBA
35
3-Mar-03
11
Permanent
Sales & Marketing
2,906,990 Godrej Sara Lee Limited /

Area Sales Manager
372 Surekha Poddar
VP - Market Research MBA
43
17-Oct-06
20
Permanent
Sales & Marketing
3,297,627 Millward Brown / Regional

Director - Royalty Solutions
373 Surendran C
Head - CSD
B.E. & MBA
43
4-Nov-03
21
Permanent
Operations &
Management
5,618,289 Modi Xerox / Head-Outsourcing
374 Suresh Jangid
VP - Sales Ops
MBA
45
14-Jun-04
22
Permanent
Sales & Marketing
3,163,173 Oman Marketing & Services Co. /

Sales Manager (Consumer Electronics)
375 Sushil Grover
Head - SCM
MBA
44
25-Sep-06
22
Permanent
Supply Chain
Management
3,609,209 QTIL / Head Operations
376 Swarn Bajaj
CMO - North Hub
MMS
38
27-Oct-03
16
Permanent
Sales & Marketing

General Manager
377 Syed Safawi
Executive Director North
MBA, Advanced
Management
Program
45
2-Jul-07
21
Permanent
Business Head
14,543,450 Coca Cola International /

Country Manager &
378 T K Varadarajan GM - Marketing
Diploma
40
1-Mar-04
17
Permanent
Sales & Marketing
3,226,034 Value Labs / Manager
379 Tarun Soni
B.E./B.Tech
35
19-Oct-01
14
Permanent
Customer Service
Delivery
2,636,493 Intersolutions India /

Project Manager
380 T K Kumar Anand CTO - South
M.Tech/MS
53
15-Nov-02
29
Permanent
Technical Services
5,424,549 Interwave Communications /

Project Director
381 Umesh Gupta
VP - IT
PGDSM
40
12-Dec-06
18
Permanent
Technology
Services
5,210,520 Equinox /
382 V Seetharaman
GM - Technical/ISP
Network O&M
B.E./B.Tech
49
1-Mar-02
19
Permanent
Technical Services
2,664,524 BSNL(DOT) / SDE
383 V Venkatesh
CEO - MO
Karnataka
PGDBM
46
11-Apr-05
23
Permanent
Operations &
Management
384 Varsha Kothwale Head - CSD AES West
BA
39
29-Sep-06
18
Permanent
Customer Service
Delivery
3,275,091 Tata Teleservices Limited / GM
385 Vasudevan
Padmanabhan
GM - CAG
B.Sc
46
1-Apr-05
25
Permanent
Audit
Services
2,523,492 Hindustan Aeronautics Limited /

Manager
386 Venkat Naidu
Head - CSD
B.Com
43
14-Feb-05
19
Permanent
Customer Service
Delivery

Head Customer Care
387 Venkatesh
Vijay Raghavan
GM - Marketing
PGDBM
36
4-Jul-03
14
Permanent
Sales & Marketing

Product Manager-Marketing
388 Vidur Rattan
GM - Marketing
PGDBM
31
16-Apr-01
Permanent
Sales & Marketing

Management Trainee
389 Vidya Sagar K
GM - Sales/Carrier
Sales
Diploma
42
2-Mar-00
21
Permanent
Sales & Marketing
2,794,199 Compaq / Area Manager
390 Vijai Prakash

Tripathi
VP - Network Operations
M.Tech
46
15-Dec-97
21
Permanent
Technical Services
5,425,747 Optel Telecom Limited /

Project Lead
391 Vijaya Sampath
Group General
Counsel &
Company Secretary
B.A., LLB, FCS
56
1-Jan-04
24
Permanent
Legal &
Secretarial
392 Vikas Joshi
Head - HR,
Transformations
PGDPM
49
1-Mar-07
27
Permanent
Human Resources
8,069,829 Hindustan Levers Limited/

Personnel Manager
393 Vikas Kaul
DGM - Marketing
B.E./B.Tech
35
25-Feb-02
13
Permanent
Sales & Marketing

Key Account Manager
394 Vikas Malik
GM - Technical
B.E./B.Tech
37
13-Jun-05
15
Permanent
Technical Services
3,754,962 Spice Telecommunications /

Dy. General Manager
395 Vikas Singh
CMO - Telemedia
Services
MBA
42
22-Aug-06
19
Permanent
Sales & Marketing
7,272,894 Hutch India / AVP-Sales &

Marketing Operations
396 Vikrant Khanna
VP - Marketing
MBA
37
21-Mar-07
12
Permanent
Sales & Marketing

Business Head-Utilities
397 Vineet Jain
Head - CSD
PGDBM
37
2-Dec-03
15
Permanent
Customer Service
Delivery

Limited / Chief Manager- S&M
398 Viney Tandon
DGM - Sales
B.A.
35
28-Jun-04
15
Permanent
Sales & Marketing

Sr. Manager - Sales
399 Vinita Tikoo
DGM - HR
PGDBM
37
5-May-03
13
Permanent
Human Resources
2,692,422 Nestle India /

Corporate Training Manager
400 Vinod Kumar

Giyal
CMO - South Hub
MBA
42
10-Jun-04
18
Permanent
Sales & Marketing
4,454,820 Whirlpool Of India Limited /

Regional Sales Director
401 Vinod Mukundan GM - Technology

Partner Governance
B.E./B.Tech
41
25-Jun-07
16
Permanent
Customer Service
Delivery
2,674,715 Hewlett Packard /

Operations Manager
402 Vinod
Radhakrishnan
Head - Modern Trade
MBA
38
15-Nov-04
18
Permanent
Sales & Marketing

Cluster Head
403 Vipin Gupta
Regional Head - West
Diploma
37
3-Oct-01
12
Permanent
Technical Services
2,881,145 Hughes Telecom / Asst. Manager
GM - Command
Centre/CCT
11,666,338 HLL / Marketing Manager
14,007,558 Ranbaxy Laboratories /

VP (Legal & Secretarial)
Sl. Name
No.
61
61
7/21/2009, 9:23 PM
Sl. Name
No.
Designation
Qualification (s)
Age
Date of
commencement
of employment
404 Vir Inder Nath
GM - PCO
PGDBM
36
23-Apr-07
405 Vishal Gupta
GM - CSD
PGDIM
38
406 Vishal Gupta
VP - SCM
B.E. & MBA
407 Vishal Sehgal
COO - MO J&K
MBA
Total
experience
Nature of
employment,
whether
contractual
or otherwise
Nature
of duties
of the
employee
Gross
13
Permanent
Sales & Marketing

Dy. General Manager
5-Nov-01
20
Permanent
Customer Service
Delivery
2,689,001 BSNL /
Jt. Deputy Director General
39
12-Jul-99
14
Permanent
Supply Chain
Management
3,816,633 Birla AT&T Communication /

Assistant Manager
41
14-Jul-05
17
Permanent
Operations &
Management

Head-Cluster Sales & Operations
& Business Head Post Paid Business
408 Vivek Madan
GM - Networks
B.E./B.Tech
36
1-Aug-01
17
Permanent
Technical Services
2,904,200 Band-X Limited / IP Consultant
409 Vivek Saxena
GM - Network
B.E./B.Tech
40
15-Oct-01
19
Permanent
Technical Services
3,403,770 Hughes Telecom / Sr. Manager
410 Vivek Sharma
GM - Finance
CA
41
3-Apr-07
17
Permanent
Finance
& Accounts

Sr. Manager - Finance
411 Yatish Mehrotra COO - MO Karnataka
B.E./B.Tech
38
11-Apr-03
18
Permanent
Operations &
Management
6,605,288 Escotel Mobile

General Manager - Marketing
412 Yogesh Gulabani GM -Technology

Services
B.E./B.Tech
39
3-Oct-06
12
Permanent
Technology
Services
2,737,343 Colt Technology Services

(I) Pvt Limited /
Manager - IT Operations & Services
3,216,047 Datacraft India Limited /

Head - Professional Services
(B) EMPLOYED FOR PART OF THE FINANCIAL YEAR

1
A S Pillai
2
3
VP - Marketing
B.E / B.Tech
42
7-Jul-08
21
Permanent
Sales & Marketing
Abdul H Khaleeli Voice Head
Graduation
38
15-Nov-07
15
Permanent
Sales & Marketing
391,904 Tata Teleservices / Sr. Manager
Abhimanyu Sen
GM - IT
B.E / B.Tech
41
15-Dec-08
19
Permanent
Technology Services
869,781 Accenture / IT Projects Delivery
Abhishake Garg
Sr. Manager Technical
B.E / B.Tech
36
2-Nov-05
14
Permanent
Technical Services
515,382 Reliance Infocomm Limited
Ajay Malwade
GM - Engagement
& Operations CSD
PGDRP
50
25-Jun-07
26
Permanent
Technology Services
695,068 Wipro Infotech / Sr. Consultant
Ajay Satyarthi
Head - CIN
BA
40
1-Feb-00
18
Permanent
Technology Services 2,132,896 TCIL / Computer Engineer
Ajay Sohanvi
Manager - Purchase
Management
BA
33
8-Nov-04
14
Permanent
Supply Chain
Akhil Gupta
Joint Managing
Director
CA
53
1-Sep-03
27
Contract
General
Management
620,506 Ajanta Offsets /

Production Executive
32,755,356 Consultancy
Akhilesh Saxena DGM - BE
MBA
35
24-Nov-05
14
Permanent
Quality Services
10
Alan Meldrum
Head - Commercial AES
Post Graduation
(Phychology)
50
28-Jan-08
18
Permanent
Finance
& Accounts
2,159,469 Orange Business Services /

Commercial Manager Asia Pacific
11
Alok Goyal
VP - SCM
M.Tech / MS
44
30-Nov-08
23
Permanent
Supply Chain
Management
1,652,489 Senergy Global Limited /

Head - Carbon Credits
12
Amar Misra
DGM - Sales
MBA
40
20-Mar-07
15
Permanent
Sales & Marketing
492,828 Idea Cellular Limited /

Sr. Manager
13
Amardeep Misra DGM - Technical

Stategic Planning
B.E / B.Tech
40
1-Aug-06
15
Permanent
Technical Services
762,611 Hutchison Essar Limited /

Sr. Manager
14
Amit Mittal
DGM - Business
Plannning & Analysis
CA
33
23-Sep-02
Permanent
Finance & Accounts 1,490,006 Gateway Systems Pvt Limited /

Manager Accounts
15
Anadi Agnihotri
DGM - Marketing
PGDBM
39
15-Sep-08
Permanent
Sales & Marketing
1,308,206 Sutherland Global Services /

Director-Service Delivery
16
Ananthalakshmi Head - HR & Admin

H Srinivasan
MBA
37
15-Oct-07
13
Permanent
Human Resources
1,359,769 Target Services India Pvt Limited/

Head - HR
17
Anil K Malhotra
GM - Hub Delhi
Diploma
59
11-May-95
34
Permanent
Technical Services
3,519,382 Videsh Sanchar Nigam Limited /

Dy. Engineer
18
Anish Antani
DGM - Finance
MBA
40
10-May-06
14
Permanent
Finance
& Accounts

Sr. Manager-Finance
19
Anshuman Kalia Sr. Manager Marketing
MBA
32
16-Jul-01
Permanent
Sales & Marketing
693,936 Joined in Bharti Airtel Limited

as Fresher
20
Anshuman Verma DGM - Marketing
PGDCM
35
7-Aug-06
10
Permanent
Sales & Marketing
731,618 ABN Amro Bank / AVP
21
Anuj Kohli
Manager - ILD/Carrier
Services
B.E / B.Tech
31
1-Jun-05
Permanent
Technical Services
386,242 Aircom International /

Sales Manager
22
Anuj Mishra
Asst. Manager Sales
PGDBM
28
1-Apr-04
Permanent
Sales & Marketing
933,335 Dishnes Dsh Limited /

Sales Executive
23
Anupam Jalote
Chief Process
Officer
MBA
45
1-Nov-04
20
Permanent
Customer Service
Delivery
2,512,352 Tata Services Limited /

Head - Customer Service Delivery
24
Archana Sasan
VP - Legal
LLB
45
12-Feb-09
16
Permanent
Legal Services
1,372,771 GE Money Financial Services

Limited / VP-Legal&Compliance
25
Arun Vohra
VP - CSD
M.Tech/MS
47
15-Oct-97
23
Permanent
Customer Service
Delivery
2,876,924 Oriflame India Pvt Limited /

General Manager
26
Arvind Pandey
CTO - AES
B.E / B.Tech
47
25-May-05
26
Permanent
Technical Services
3,491,022 Hutchison Max /

General Manager
62
7/21/2009, 9:23 PM
550,072 Wipro / Program Manager
Designation
Qualification (s)
Age
Date of
commencement
of employment
27
Ashish Dutta
Head - IT
PGDBM
38
6-Aug-07
28
Ashish Prabhakar VP - Business Head

Hastak
B.E / B.Tech
37
17-Nov-08
29
Ashok Juneja
Corporate Director B.Tech & PGDM

Business Development
52
30
Atul Gupta
GM - Finance/
Commercial
CA
31
Avnish Jindal
Sr. VP - Finance
32
Nature of
employment,
whether
contractual
or otherwise
Nature
of duties
of the
employee
18
Permanent
Technology Services 1,569,743 TCS / Consultant
17
Permanent
Operations &
Management
14-Sep-98
29
Permanent
Business
Development
42
21-Oct-05
17
Permanent
Finance
& Accounts

Dy. General Manager
CA
43
28-Aug-01
20
Permanent
Finance
& Accounts
3,718,648 Dabhol Power Company /

Project Lead
Balasubramaniam Head - SCM

SK
M.Sc
44
10-May-06
21
Permanent
Supply Chain
Management

General Manager
33
Balasubramanian V Principal Technical

Officer
B.E / B.Tech
42
10-Jul-06
20
Permanent
Technical Services
2,574,683 Aircel Limited / General Manager
34
Biju R Naik
ZBM
B.E.
36
20-Mar-06
11
Permanent
Sales & Marketing
35
Biswarup
Goswami
VP - HR
LLB
44
3-Jul-06
22
Permanent
Human Resources
36
Carol Borghesi
Director - CSD
Marketing MgmtInternational
52
26-Sep-06
28
Contract
Customer Service 14,390,639 21st Century Service Delivery /

& Delivery
Managing Director
37
Dakshinamoorthi DGM - HR
Uthirapathi
MBA
59
9-Dec-02
34
Permanent
Technical Services
1,464,750 HTL Limited /

Dy. General Manager
38
Debashish Das
GM - HR
MBA
39
1-Aug-04
18
Permanent
Human Resources
1,507,470 Aptech Limited / Profit Centre

Head - Learning Businsess
39
Debojeet
Goswami
Sr. Manager - Training PGDBA
42
10-Jan-05
18
Permanent
Human Resources
398,929 HDFC Standard Life Insurance /

Sales Training Manager
40
Deepa Chadha
VP - HR
PGDBM
37
9-Feb-09
14
Permanent
Human Resources
1,446,855 Genpact /
Vice President HR Shared Services
41
Deepak Mishra
Sr. Manager HR
MBA
33
25-Aug-04
Permanent
Human Resources
42
Deepak Sethi
DGM - Operations
BA
40
15-Dec-97
18
Permanent
Operations &
Management
2,678,169 The Residency Hotel / GM
43
Deepakjit Singh
Chatrath
Sr. VP - Marketing
Post Graduation
45
9-Apr-08
13
Permanent
Sales & Marketing
8,971,117 British Telecom /

Head of Media & Broadcast
44
Dolly Grover
DGM - HR
MSW
39
1-Feb-06
16
Permanent
Human Resources
45
Ekta Kumar
Sr. Manager - BE
MBA
33
4-May-06
10
Permanent
Quality Services
46
Gaurav
Deveshwar
GM - SCM
B.E. & MBA
35
16-Oct-08
10
Permanent
Supply Chain
Management
1,643,344 Neutrogena Corporation /

Distribution & Logistics Manager,
Supply Chain
47
Gopal Vittal
Director - Marketing
MBA
43
25-Sep-06
17
Permanent
Marketing
9,213,782 Hindustan Levers Limited/

Vice President Fabric Cleaning Asia
48
Harish Dua
Head - Internal
Assurance
CA, MBA
51
23-Feb-04
29
Permanent
Compliance &
Internal Assurance
4,299,908 Pepsi Foods Private Limited /

VP (Corp. Planning)
49
Harjeet Kohli
VP - Treasury &
Investor Relation
MBA
35
19-Jan-09
11
Permanent
Finance
& Accounts
1,954,705 Citigroup India/

Director - Corporate &
Investment Bank Head (East)
50
Harmeet Singh
Sr. Manager - BPA
CA
34
16-Feb-04
Permanent
Finance
& Accounts
420,138 Reliance Infocom Limited /

Analyst
51
Harsh Chutani
GM - SCM
PGDBM
39
9-Feb-09
15
Permanent
Supply Chain
Management
389,456 Buongiorno (Hong Kong) Limited/

Vice President - Media
52
Hemanth
Kumar G
VP - Marketing
B.E. & MBA
38
1-Aug-03
15
Permanent
Sales & Marketing
53
Indrajit Pakrasi
Sr. Manager - Brand
MBA
36
23-May-05
14
Permanent
Sales & Marketing
54
J P Singh
GM - SCM
B.E & B.Tech
42
14-Oct-04
22
Permanent
Supply Chain
Management
2,115,862 Data Access Limited / Manager
55
Jagdish Prasad
Agarwal
VP - Legal
CS
40
1-Jun-07
16
Permanent
Legal Services
1,965,401 Acme Tele Power Limited /

Corp & Commercial Lawyer
56
Jaideep Kohli
Head - Channel &

Acquisition
PGDBM
40
23-Jul-04
14
Permanent
Sales & Marketing
2,215,925 HCL Infosystems Limited
57
Jayant Khosla
Executive Director Mobility West
BE(Hon), MBA
46
22-Mar-04
21
Permanent
Business Head
58
John Koshy
Head - Technical
B.E.
53
18-Apr-05
27
Permanent
Technical Services
3,871,272 Ericsson India Private Limited /

Project Consultant
59
Jyoti Pawar
Director - Legal
& Regulatory
Solicitors Degree, 43
LLB
18-Aug-08
17
Permanent
Legal Services
7,493,970 GE Money/
Senior VP- Legal & Compliance
60
K Muthanandam GM - Network
B.Sc
58
28-Sep-01
39
Permanent
Technical Services
2,691,824 BSNL / Head - Technical
61
K S Muralidhar
PGDCA
36
1-Mar-07
12
Permanent
Sales & Marketing
Sr. Manager Marketing
Total
experience
Gross
1,982,272 Tata Communications Limited /

Head - Global Access
Management & Feasibility
16,006,128 Hutchison Max /
894,130 Reliance Infocomm /

Cluster Business Head
2,749,453 Philips India Lighting /
Director HR - India & Pakistan
344,429 Amway India Enterprises /

State Trainer
395,701 Alcatel Development India (P)

Limited / Manager
387,925 Deloitte & Touche / Manager
1,483,975 Kanini Consultants Pvt Limited /

Director
348,449 Rediffusion Dyr /
Group Account Manager

VP Operations, Mumbai
289,989 Ogilvy & Mather /

Account Director
Sl. Name
No.
63
63
7/21/2009, 9:23 PM
Sl. Name
No.
Designation
Qualification (s)
Age
Date of
commencement
of employment
62
Kirtikar Ojha
Regional Sales
Head - NCR
MBA
44
28-Sep-05
63
Kishore Gogar
GM - Finance
ICWA
49
7-Sep-96
20
Permanent
Finance & Accounts 2,406,256 Hexacom (India) Limited / GM.
64
Krishan Mohan
Saxena
Head - IT
B.E. / B.Tech
43
19-May-08
22
Permanent
Technology Services 3,562,100 Genpact / Vice President
65
Krishnan G V
CMO (East Hub)
MBA
41
4-Sep-04
19
Permanent
Sales & Marketing
1,827,918 Food World Super

Markets Limited /
GM - Operations & Merchandising
66
Kuntak Roy
Chaudhary
Principal Finance
Officer
CA
40
10-Oct-08
10
Permanent
Finance
& Accounts
1,469,952 Federal Express Corporation /

Financial Controller (Manager)
67
Kunwar Kishore
Arora
Sr. VP - ESBU
MBA
49
18-Jun-08
24
Permanent
Sales & Marketing
5,544,105 UCA Services Inc./

Vice President
68
Lalit Nagpal
GM - Finance
ICWA
40
2-Sep-04
16
Permanent
Finance
& Accounts

Sr. Manager - Billing
69
Lokesh Suji
Manager - Sales/Media MTM
34
6-Mar-06
14
Permanent
Sales & Marketing
377,179 Sify Limited / Sales
70
Macharaja P
DGM - Projects
Diploma
42
12-Dec-05
23
Permanent
Technical Services
913,412 Tata Teleservices Limited /

Sr. Manager Networks
71
Madan Mohan
Bajpai
Head - Sales
MBA
50
18-May-04
26
Permanent
Sales & Marketing
2,780,231 Coca Cola India / General

Manager-Sales & Distribution
72
Madhu Nori
VP - IT
BE & MBA
36
13-Oct-08
16
Permanent
Technology
Services
2,024,276 Independant Consultant /

Telecommunications Consulting
73
Mandeep Bhatia COO - MO

Maharashtra
MBA
40
4-Dec-01
17
Permanent
Operations &
Management

VP (Nepal)
74
Manish Aggarwal GM - Consolidation

Projects
PGDBM
36
18-Jan-06
12
Permanent
Customer Service
Delivery
1,329,137 Optimus Outsourcing Company /

AVP
75
Manish Dua
40
28-Sep-06
18
Permanent
Sales & Marketing

General Manager
76
Manish Mamtani Head - IT
B.E / B.Tech
40
5-May-08
18
Permanent
Technology Services 3,907,507 Genpact / Vice President
77
Manish Saxena
CA
43
28-Aug-06
18
Permanent
Finance
& Accounts
78
Manmohan Daga Sr. Manager Finance
MBA
36
16-Aug-05
13
Permanent
Finance
& Accounts
845,415 Trident Group /

Manager - Corporate Planning
79
Manmohan Saini Head - SMG
M.Com
40
12-May-03
19
Permanent
Customer Service
Delivery
426,821 M/s Escotel Mobile Comm.

Limited / Sr. Executive
80
Monicka Raj
Govindan
B.E. / B.Tech
55
12-Sep-01
31
Permanent
Technical Services
3,510,789 Wipro Spectra Mind /

Project Lead
81
Nagesh Rajanna CEO - UP

Circle
MBA
44
12-Jul-07
20
Permanent
Operations &
Management
5,420,106 Pepsico India Holdings Pvt

Limited
82
Naveen Gupta
GM - Marketing
MBA
38
19-Feb-09
16
Permanent
Sales & Marketing
339,218 Reliance Communications Limited/

Head - Strategic Planning & Alliances
83
Neeraj Arvind
Shah
DGM - Business
Analyst
MBA
38
10-May-06
11
Permanent
Operations &
Management
694,535 Caretaker & Enterpreneur /

Proprietor
84
Niraj Mehta
Manager - CSD
PGCBM
36
26-Mar-07
15
Permanent
Customer Service
Delivery
314,034 Reliance Communications /

Hub Head Service Assurance
85
Norman Don
Price IV
Director - Networks
BE (U.S. Navy)
46
11-Feb-02
23
Permanent
Technical
86
P Swaminathan
Chief Operating Officer B.Tech, PGDM
54
12-Jul-99
29
Permanent
Business Head
4,930,114 BPL Cellular, Pune / Circle Head
87
P V V Srinivasa
Rao
Cheif Marketing Officer BE & MBA

- Telemedia Services
41
17-Jan-05
14
Permanent
Sales & Marketing
3,489,569 Hero Motors /

88
Pankaj Nanda
DGM - Finance
CA
42
7-Jun-04
17
Permanent
Finance
& Accounts
619,867 Reliance Infocomm Limited /

Commercial Head
89
Paresh S Yadav
Sr. Manager - CSD
B.E / B.Tech
37
10-Nov-05
12
Permanent
Customer Service
Delivery
348,228 E2E Serwiz Solutions Limited /

Manager- Operations
90
Paroma Roy
Chowdhury
VP - Marketing
Post Graduation
43
28-Aug-06
17
Permanent
Sales & Marketing
91
Pawan Kumar
Rohatgi
GM - CSD
ICWA
42
1-Mar-07
18
Permanent
Customer Service
Delivery
92
Pawan Pratap
Singh
GM - Technical
B.E / B.Tech
40
1-Jun-05
21
Permanent
Technical Services
93
Pawan Trivedi
Sr. Manager - Finance CA
31
22-Aug-06
Permanent
Finance & Accounts
94
Pradeep
Prabhakaran
Eledath
GM - IT
PGDBM
41
22-Sep-08
17
Permanent
Technology
Services
1,381,949 Fidelity Business Services India

Private Limited / Sr. Manager
95
Prakash Sangam GM - Marketing and

Innovation
PGDBM
33
6-Aug-07
Permanent
Sales & Marketing
1,993,954 Hindustan Unilever Limited /

Regional Marketing Manager
96
Prasad Nambiar
MBA
35
3-May-04
11
Permanent
Sales & Marketing
2,195,558 AT&T Easylink /

97
Prashant Chacko DGM - Marketing
PGDBA
32
25-Oct-04
Permanent
Sales & Marketing
520,893 Axalto Schlumberger /

Account Manager
Head - Voice Business MBA

AES West
Principal Finance
Officer
Head - Technical
DGM - Sales
64
Total
experience
19
Nature of
employment,
whether
contractual
or otherwise
Nature
of duties
of the
employee
Permanent
Sales & Marketing
Gross
2,331,766 Essar Spacetel Limited /

General Manager

Project Commercial Head
34,226,257 Nextel Partners / Director
7/21/2009, 9:23 PM
3,747,574 Hewlett Packard /

Lead Communications
950,878 Reliance Infocomm /
Head - Customer Service Delivery
2,059,095 Media Craft India Pvt Limited /
Account Executive
426,147 TDCA / Manager
Designation
Qualification (s)
Age
Date of
commencement
of employment
Total
experience
Nature of
employment,
whether
contractual
or otherwise
Nature
of duties
of the
employee
Gross
98
Prashanth Kumar Manager - Technical

Karne
M.A.
38
21-Aug-06
Permanent
Technical Services
390,046 VSNL / Head -Customer Care
99
Prasoon
Srivastava
MBA
44
3-Oct-06
23
Permanent
Technology
Services
571,401 Tata Internet / Vice President
100 Pratik Mazumder Head - Marketing
PGDAC
35
2-Jan-02
14
Permanent
Sales & Marketing
2,109,849 Ogilvyone / Manager
101 Praveen Singhal
VP - Technical
M.Tech / M.S
39
29-Nov-08
Permanent
Sales & Marketing
1,286,105 Globacom Nigeria / CTO Ngn/IP
102 Premraj Menon
DGM - CSD
B.A. (Hons)
Economics
43
22-Jan-04
19
Permanent
Customer Service
Delivery
1,294,542 BPL Mobile Limited, /

Zonal Sales Manager
103 R K Babbar
VP - Network
B.E / B.Tech
58
5-Jan-98
32
Permanent
Technical Services
2,539,481 Himachal Futuristic

General Manager - Cable Division
104 Radhakrishna A
Zonal Business
Manager
B.Sc
39
30-Sep-05
16
Permanent
Sales & Marketing

Sales and Distribution
105 Rahul Wadhawan Head - SMG
B.Com
32
4-Jun-07
11
Permanent
Customer Service
Delivery
854,051 GE Capital Transportation

Financial Services Limited /
Assistant VP - Risk Management
106 Raj Kumar V K
GM - Sales
PGDQM
42
10-Oct-05
20
Permanent
Sales & Marketing
1,551,313 Iqara Telecoms India Pvt Limited

Asst. Vice President
107 Rajeev Kinder
DGM - Sales
PGDBA
44
24-Mar-05
18
Permanent
Sales & Marketing
1,561,883 Reliance Infocomm / Head
108 Rajendra Singh

Bhatia
DGM - Sales
Distribution
BE & MBA
39
13-Jun-06
14
Permanent
Sales & Marketing
1,467,521 Philips India Pvt Limited /

General Manager
109 Rajesh Kharbanda Head - Infrastructure,

Governance and
Special Project
MBA
54
16-Jan-03
28
Permanent
Technology
Services
3,879,871 New Holland Tractors /

110 Rajesh Ohri
GM - Central
Operations Console
PGDCA
39
2-Apr-07
15
Permanent
Technology
Services
2,520,649 Ethopl / Dy. General Manager
111 Rajesh Ramdas
VP - Contact
Operations
B.Com
41
3-Sep-07
15
Permanent
Customer Service
Delivery
3,211,999 Sudtherland Gloservices /

Vice President
112 Rajesh Sethi
Head - Finance
CA
36
2-Sep-03
11
Permanent
Finance
& Accounts

Asst. Manager- Finance
113 Rajiv Kumar

Sharma
CEO - Small &

Medium Businesses
BA, Post Graduate 51

in Arts, LLB, MBA
29-Dec-00
29
Permanent
Business Head
6,081,002 GMS Technologies/ President &

114 Rakesh Khurmi
GM - Finance
MBA
41
12-Jul-05
17
Permanent
Finance
& Accounts

Commercial Head
115 Ramanand Kambli Manager - Sales/

MMS
Channel & Acquisition
34
6-May-05
10
Permanent
Sales & Marketing
577,472 PCS Technology Limited /

Territory Manager
116 Ranganathan M
Head - Revenue
Assurance
M.Com
35
27-Jan-00
12
Permanent
Finance
& Accounts
455,426 BC Components India Limited /

Commercial Officer
117 Ranjana
Smetacek
Head-Group Corporate MA, BA

Communications
& Brand
52
2-Mar-09
21
Permanent
Brands & Corporate 1,722,792 Monsanto Company/

Communications
Director-International Comm
118 Ravi
Ramchandran
DGM - CSD
B.Com
43
9-Nov-05
22
Permanent
Customer Service
Delivery
848,992 VSNL / Dy. General Manager
119 Raviganesh V
VP - Business Head
MBA
39
19-Jan-09
17
Permanent
Operations &
Management
509,480 Subhiksha Trading Services /

President
120 Ravinder Kumar

Popli
CTO (North Hub)
M.Tech / M.S
50
2-Jan-03
24
Permanent
Technical Services
3,665,731 Army Headquarters /

121 Rizwan Khan
Manager - Technical
B.E / B.Tech
36
7-Nov-02
10
Permanent
Technical Services
247,224 Bharti Telenet Limited /

Asst.Manager
122 Rohit Tandon
Head - Marketing
PGDBM
36
23-May-03
11
Permanent
Sales & Marketing
1,802,671 Dabur India Limited /

Sr. Brand Manager
123 Rupak Agarwal
Hub CSO - West
PGDBM
42
4-Oct-04
21
Permanent
Customer Service
Delivery
3,265,886 HT Media Limited /

GM - Strategic Marketing
124 Sai Vara Prasad
Sr. Manager-Technical M.E.
52
2-Feb-05
26
Permanent
Technical Services
1,032,073 Crompton Greaves Limited /

Chief Techincal Manager
VP - Business
Solutions IT
125 Sandeep Mirakhur CMO - West Hub
B.E / B.Tech
40
1-Nov-00
10
Permanent
Sales & Marketing
1,822,419 Shyam Aces Pvt Limited / Head
126 Sandeep
Sawhney
VP - Strategic
Alliances
& Business NPD
MBA
44
17-Jan-05
16
Permanent
Sales & Marketing
3,507,965 Weather Channel Interactive Inc /

Director-Business Development
127 Sanjay Bansal
Sr. Manager-Technical B.E / B.Tech
33
13-Apr-01
Permanent
Technical Services
128 Sanjay Dakwale
Head - CSD
BE & MBA
43
3-Mar-06
19
Permanent
Customer Service
Delivery
129 Sanjay H Sheth
Sr. Manager - SCM
MBA
40
17-Jan-05
14
Permanent
Supply Chain
Management
130 Sanjay Nandrajog Executive DirectorB.Tech (Chem),

International Operations MBA
47
8-Jan-03
22
Permanent
International
Operations
131 Sanjeev Madan
38
17-Oct-05
Permanent
Finance
& Accounts
DGM - Finance/
Finance & Accounts
CA
470,848 Hughes S/W Systems / Sr.Engg

2,300,382 Hutchison Essar Limited /
General Manager
453,915 Spice Communications Pvt Limited/
W H Manager
2,905,829 Pepsico/Market Unit Director
585,427 Coca Cola / Manager - Finance
Sl. Name
No.
65
65
7/21/2009, 9:23 PM
Sl. Name
No.
Designation
Qualification (s)
Age
Date of
commencement
of employment
Total
experience
Nature of
employment,
whether
contractual
or otherwise
Nature
of duties
of the
employee
Gross
132 Sanjeev Shekhar GM - Network

Sahu
M.Tech / M.S
36
15-Sep-08
14
Permanent
Technical Services
133 Sanjeev Walia
MBA
30
2-May-05
Permanent
Sales & Marketing
134 Sapriya Malhotra Zonal Business

Manager
BE & MBA
36
27-Mar-06
Permanent
Sales & Marketing
1,623,919 Reliance Infocomm /

Cluster Head
135 Satish Laghate
GM - Network
B.E / B.Tech
43
8-Oct-97
21
Permanent
Technical Services
2,893,680 DOT / DET Ahmedabad
136 Satish Sharma
Zonal Business
Manager
PGDGM
37
4-May-06
15
Permanent
Sales & Marketing
1,449,956 Hutch /
Manager Zone Operations
137 Satyam Sharma
Sr Executive Technical
MIT
32
4-Sep-06
Permanent
Technical Services
549,253 IBM / Project Engineer
138 Shailendra Goel
DGM - Sales
MBA
38
22-Dec-03
13
Permanent
Sales & Marketing
791,881 Samsung India Limited /

Branch Manager
139 Shailesh Dudani Sr. Manager Sales
MBA
34
1-Jul-05
11
Permanent
Sales & Marketing
485,061 VSNL / Head - Bulk Services
140 Shalini Gupta
DGM - Broadband
and SMB
MBA
34
14-Aug-06
10
Permanent
Technology
Services
1,717,123 Aviva Life Insurance /

Project Manager
141 Shankho
Chowdhury
VP - Sales
Post Graduation
47
11-Jan-06
23
Permanent
Operations &
Management
3,409,945 Owned Media Solution &

Marketing Company / Proprietor
142 Sharad Malik
DGM - Retention
MBA
37
10-Dec-04
12
Permanent
Customer Service
Delivery

Sr. Manager
143 Shaun Parmar
Corporate Director M&A & Business

Development
CGA,
MBA-Finance,
B.Sc.
43
17-Jun-08
17
Permanent
Business
Development
9,499,082 Gildan Activewear / VP
144 Shilpa Wadhwa
Sr. Manager Technical
B.E / B.Tech
36
3-Oct-06
11
Permanent
Technical Services
145 Shireesh Mukund Director - Marketing

Joshi
MBA, B.Tech
44
19-Jan-09
20
Permanent
Marketing
4,751,790 PepsiCo International Greater

China Foods/ VP Strategy &
Business Transformation
146 Shyamal Mittra
VP - Marketing
Management
MBA
40
22-Jan-07
16
Permanent
Technology
Services
1,235,439 Satyam Computer Services /

Director - Telecom Software and
Consulting
147 Sivaprakash
Narayanan P
DGM - Technical
B.E / B.Tech
45
28-May-07
22
Permanent
Technical Services
359,646 Nortel Networks / RF Expert
148 Sreeram
Chakravarthy
Gomadam
DGM - Technical
PGDTM
38
27-May-05
17
Permanent
Technical Services
1,721,575 VSNL / Dy. General Manager
149 Srikanth
Balachandran
Chief Financial Officer CA, B.Com
48
17-Nov-08
28
Permanent
Finance
5,923,964 Hindustan Unilever Limited/

Programme Leader
Global Finance
150 Srinivas
Bhattacharya
DGM - Marketing
MBA
38
4-Jun-07
13
Permanent
Sales & Marketing
151 Subroto Sen
GM - Marketing
MBA
42
24-Nov-05
19
Permanent
Sales & Marketing

Head Business Intelligence
and Analytics
152 Sudhir Chopra
VP - Technical
B.E / B.Tech
45
27-Jan-06
23
Permanent
Technical Services
4,126,567 Alcatel Modi Network Systems

Limited / Head-Projects
153 Sukanto Aich
COO - AES
Corporate South
BE & MBA
41
9-Jul-01
16
Permanent
Operations &
Management
4,533,983 Escosoft Technologies Limited /

Head Sales
154 Suman Kaul
AGM - MAP A/cs
MBA
39
1-Oct-07
14
Permanent
Sales & Marketing
1,350,514 Verizon India Private Limited /

Sales Manager
155 Sunil Maxwell

Massey
CHRO - South &

West 2
B.Sc
53
15-Jan-08
26
Permanent
Human Resources
2,302,805 Teletech Limited / Head - HR
156 Sunil Raina
Head - Marketing
MBA
35
2-Sep-04
10
Permanent
Sales & Marketing

Asst.Manager
157 Sunny Thomas
Head - CSD
PGSM & PR
40
1-Mar-05
15
Permanent
Customer Service
Delivery
158 Surender Kumar GM - Compliance &

Singh
Performance Mgmt
B.E / B.Tech
43
18-Sep-06
21
Permanent
Technology
Services
159 Suresh Kumar S Head - Operations
MBA
40
3-Jan-01
16
Permanent
Sales & Marketing
4,502,866 Pennisular E Com /

Dy. General Manager
160 T K Balakumar
Sr. VP - CSD
B.E / B.Tech
47
21-May-04
24
Permanent
Customer Service
Delivery
6,624,043 Daksh Eservices Private Limited /

Director - Operations & Quality
161 Vaibhav Jain
Asst. Manager ILD/Traffic Analysis
B.Com
30
6-Jul-02
10
Permanent
Sales & Marketing
Sr. Manager - Sales
66
7/21/2009, 9:23 PM
1,401,701 Nokia Siemens Networks /

Regional Project Director
671,501 LG Electronics India Limited /
Asst. Manager
325,595 VSNL / Manager Engg.
867,812 Idea Cellular /

Head of Fraud Management
2,117,987 Idea Cellular / Head Collections

891,514 Reliance Communications Limited/
Dy. General Manager-IT
505,373 American Express India Pvt

Limited / Team Member
Sl. Name
No.
Designation
Qualification (s)
Age
Date of
commencement
of employment
162 Vijay Srinivasan
COO - Enterprise
Services Corporate
West
BE & MBA
50
5-Jun-06
163 Vijaya Kumar

Reddy Mannur
GM - SCM
PGDMM
54
164 Vinay Sharma
DGM - Marketing/
Brand & Comm
MBA
165 Vineet Kumar
Head - Legal
166 Vinit Taneja
Total
experience
Nature of
employment,
whether
contractual
or otherwise
Nature
of duties
of the
employee
Gross
14
Permanent
Sales & Marketing
6,890,605 Thomson/U21Global /
VP- Business Development
28-May-07
23
Permanent
Supply Chain
Management
1,726,003 TCS / Asst. General Manager
36
23-Sep-03
16
Permanent
Sales & Marketing
1,394,807 Blow Plast Limited /

Manager-Marketing Services
MBA
42
5-Apr-05
16
Permanent
Legal Services
2,069,188 Reliance Infocom Limited / Head

Legal, Collections and Regulatory
Chief Process
Officer
MBA
51
27-Sep-04
27
Permanent
Customer Service
Delivery
3,526,470 Institute Of Quality Limited /

Sr. VP & Director
167 Viresh Dayal
Corporate Director Projects
B.Tech & PGDM
54
16-Aug-85
31
Permanent
Projects
4,100,366 DLF Universal Limited /

Manager - Projects
168 Vivek Chandel
VP - Marketing
PGDBM
42
8-Jun-04
18
Permanent
Sales & Marketing

Limited / General Manager
169 Vivek Sethi
Sr. Manager Marketing
PGDBM
37
17-Oct-05
13
Permanent
Sales & Marketing
170 Vivek Sharma
Head - FWP
MBA
41
24-May-05
13
Permanent
Sales & Marketing
537,622 Idea Cellular Limited / Sr.Manager
171 Wajid Shaikh
Asst. Manager - Sales B.E / B.Tech
30
29-Sep-06
Permanent
Sales & Marketing
391,358 British Telecom Infonet /

Sr. Account Manager
172 Yamini Kurup
GM - Platinum Centre
MBA
37
1-Jun-05
15
Permanent
Customer Service
Delivery
1,348,175 Hutch / Dy. General Manager
173 Yatin Pahwa
VP - Marketing
PGDBM
37
6-Oct-03
13
Permanent
Sales & Marketing
2,204,939 Cellnext Solutions /

Dy. General Manager Marketing
174 Yougender
Kumar
DGM - Marketing
B.E / B.Tech
37
15-Jan-09
17
Permanent
Sales & Marketing
917,355 Avaya Globalconnect Limited /

Head - Presales

Retail Manager
Notes: 1. Gross Remuneration comprises of salary, taxable allowances and Perquisities and Companys contribution to Provident Fund
2. The employee would qualify for inclusion in Category (A) or (B) on the following basis:
For (A) if the aggregate remuneration drawn by him/her during the year was not less than Rs. 2,400,000 p.a.
For (B) if the aggregate remuneration drawn by him/her during the part of year was not less than Rs. 200,000 p.m.
3. None of the employees mentioned above is a relative of any director of the Company except Sunil Bharti Mittal, Chairman and Managing Director, who is a brother
of Rakesh Bharti Mittal and Rajan Bharti Mittal, directors on the Board of the Company
4. None of the employees mentioned above holds 2% or more of the share capital of the Company
5. The designation Director wherever prefixed describe the area of responsibility occurring in the above statement and is not a Board position except that of
Sunil Bharti Mittal, Manoj Kohli and Akhil Gupta
6. The employees are governed by the general terms and conditions of employment and the policies of the Company
67
67
7/21/2009, 9:23 PM
13
Management Discussion & Analysis

Industry Structure and Developments
Regulatory changes
Indian telecom industry
The Indian telecom sector has seen a phenomenal

growth and currently has close to 430 mn telecom
customers. The market surpassed the USA to become
the second largest market in the world after China.
Notwithstanding this, the telecom penetration is only
37% with a wireless penetration of 33.7% and
broadband penetration of 0.54%, thereby offering a
good growth potential.
The target of the Government is to reach 500 mn
telecom customers of which 20 mn broadband
customers by 2010. India presents robust growth
opportunities driven by economic growth, increasing
urbanization, rising income levels and a large youth
population. The majority of new customers will be from
the hinterland and remote areas with inadequate basic
infrastructure and no previous connectivity, demanding
low tariffs for voice calls and value added services like
information about market and commodity prices,
weather update, health update etc. The urban consumer
demands high speed internet connectivity and audiovideo streaming, navigation and location maps, music
downloads, gaming, m-commerce, IPTV and mobile TV.
Tariffs for local and long distance calls are at the lowest
levels in the world and still falling.
On March 20, 2009, Telecom Regulatory Authority

of India (TRAI) released its regulations on QoS
standards for both wireline and wireless services.
For wireline services, TRAI has specified that billing
complaints should be resolved within a maximum
of 4 weeks. A parameter, Answer to Seizure Ratio,
has been prescribed as an alternative to the Call
Completion Rate (CCR) wherever the CCR cannot
be measured and reported.
For cellular services, the benchmark for call drop
rates has been revised from the existing less than
3% to less than or equal to 2%. The condition on
accumulated downtime for community isolation has
been replaced with a new parameter on network
availability, wherein network availability will be
assessed through two separate parameters Base
Transceiver Stations (BTSs) accumulated downtime
and worst-affected BTSs due to downtime.
Recent developments in regulation

Whilst much of the success is attributable to the
entrepreneurial spirit of the telecom companies, various
pro-active and positive policy measures taken by the
regulatory authorities have also provided an impetus
for growth. The relative importance of the regulatory
changes should be viewed in light of big challenges
and opportunities that the industry is facing today (as
detailed in later sections of this report). Overall, the
direction and pace of regulatory changes is positive for
the industry and augurs well for the Company. The
following list captures the key regulatory changes that
were implemented by the Department of
Telecommunication (DoT) and Telecom Regulatory
Authority of India (TRAI) in the year 2008-09.
2 MDA & CGR 68-91.p65
68
Interconnection Regulation for Broadcasting Sector

On March 19, 2009, TRAI released the new
interconnection regulation for the broadcasting
sector wherein TRAI has not prescribed any limit /
regulation on carriage / placement fee, which
distributors of channels charge from broadcasters
to carry their channels on its platform.
Innovations like shared infrastructure, new low cost

technology and energy saving devices are critical to
rural connectivity. On the other hand, competition will
intensify with entry of new players and interest from
global telecom operators, many of whom wish to reenter India after an earlier departure and participate in
the success of Indian telecom.
Bharti Airtel, with over 96 mn customers as on March
31, 2009, is the largest integrated telecom operator in
India with investments of Rs. 23,489 mn, revenues of
Rs. 373,521 mn and Rs. 78,590 mn in net profits. It is
among the top five companies in terms of market
capitalization in India.
Regulation on Quality of Service (QoS) for the

telecom sector
Moreover, for the DTH sector, a distinction /

definition has been prescribed for commercial and
ordinary customers to enable DTH operators to
provide their services to commercial customers as
well.
QoS Regulations for DTH operators

On March 16, 2009, TRAI released its QoS
standards for DTH operators. As per this regulation,
DTH operators have been barred from amending the
composition of their subscription package during the
first 6 months, if such channels continue to be
available on their platform. In case of withdrawal of
any channel within the first 6 months, the DTH
operator has to proportionately reduce the
subscription charges and / or will have to offer any
other channel of the same genre and language.
Apart from the above, the operator will not be
allowed to charge any fee towards visiting or repair
and maintenance charges of DTH Consumer
Premises Equipment (CPE) during the period of
warranty for such DTH CPE acquired on outright
purchase basis.
7/21/2009, 9:23 PM
Interconnection Usage Charge (IUC) regime
TRAI also made other significant recommendations

to enhance rural telephony such as (i) reduction in
2% USO levy after covering 75% of the
development blocks including villages (ii) subsidy
scheme for optical fibre from USOF subsidized
towers to the near block headquarters etc.
On March 9, 2009, TRAI issued a revised IUC regime

wherein (i) Termination Charge (TC) has been
reduced from Re.0.30/min. to Re.0.20/min. (ii) TC
on incoming international calls has been increased
from Re.0.30/min. to Re.0.40/min.(iii) Transit Charge
has been reduced from Rs.0.20/min. to Rs.0.15/
min.
Roll out obligations
The above recommendation is yet to be endorsed

by the DoT.
On February 10, 2009, Department of

Telecommunications (DoT) modified the rollout
obligations of Access Service Providers.
On March 12, 2009, TRAI recommended a lock-in

period of 3 years of the equity share capital of
promoter(s), whose net-worth has been taken into
consideration for determining the eligibility for grant
of a Unified Access Service License.
The service providers now need to fulfill their 1st

and 3rd phase of roll out obligations within the 1st
and 3rd year respectively from the date of allocation
of startup spectrum, as against from the effective
date of the licence agreement.
As per TRAI, after fulfillment of roll out obligations

and DoTs prior approval, such promoters may be
allowed to sell their equity within the lock-in period
as well. However, on such transactions, 50% of
the profit will have to be retained in the business as
a special reserve and utilized for telecom network
expansion only and balance to be transferred to the
DoT.
As per DoT, while computing the period of one year,

the average delay in SACFA clearance shall be
excluded. Moreover, in-building coverage will not
be considered for roll out obligations for imposition
of liquidated damages.
Regulatory work-in-progress
Universal Service Obligation (USO) and Rural
telephony
On March 19, 2009, TRAI recommended separation
of USO fund from the purview of DoT so as to ensure
efficient utilization of the funds collected to enhance
rural connectivity. According to TRAI, the USO fund
administrator should be effectively empowered with
administrative and financial authority. TRAI has
further stated that the USO fund Act should be
amended so that the money accruing to the fund is
directly managed by the organization and is not
routed through the budgetary process of the Union
Government.
Value Added Services (VAS)

On February 13, 2009, TRAI released its
recommendations related to VAS. TRAI did not
recommend any separate category of license or
registration for VAS.
Resale of International Private Leased Circuit (IPLC)

On September 24, 2008, DoT introduced a new
license regime for IPLC wherein resale of IPLC has
been permitted to provide end-to-end IPLC between
India and the country of destination for any capacity
denomination. After obtaining the IPLC from ILDOs,
the licensee can sell the bandwidth on retail basis
with or without value addition to end customers
and in this regard can have agreement for leased
line with Access Providers, NLDOs and ILDOs. The
licensee has also been allowed to provide billing
services to its customers either directly or through
an Access Provider.
The above recommendation is yet to be endorsed

by the DoT.
Internet Protocol Television (IPTV) Services

On September 8, 2008, the Ministry of Information
& Broadcasting modified the guidelines for downlinking of television channels to enable broadcasters
to provide their content to IPTV service providers.
Earlier, IPTV service providers were not allowed to
take content from broadcasters.
Lock-in-period for Promoters equity
As per TRAI, mutual commercial agreements

between telecom access service providers and
content providers/ content aggregators for revenue
share in the provisioning of VAS services will remain
the model.
Spectrum Charges
On December 10, 2008, TRAI gave its concurrence
on DoTs various proposals related to spectrum
charging.
Segregation of 2G & 3G revenue : TRAI endorsed
the proposal of DoT to rule out the proposal of
segregation of 2G & 3G revenue after taking into
account the huge difficulties in verification and audit
to prevent accounting and arbitrage and other
practical difficulties.
Annual Spectrum Charges: TRAI also endorsed
DoTs proposal to increase the annual spectrum
charges for differential levels of spectrum i.e.
Spectrum in MHz in 2G
Upto
Upto
Upto
Upto
Upto
Upto
Proposed Annual Spectrum

Charges as % of AGR
4.4MHz (GSM) / 2.5MHz (CDMA)

6.2MHz (GSM) / 5MHz (CDMA)
8MHz
10MHz
12.5MHz
15MHz
3
4
5
6
7
8
69
2 MDA & CGR 68-91.p65
69
7/21/2009, 9:23 PM
ISPs both within telecom circle as well as across

the telecom circles, ISPs and NLDOs have been
permitted to connect with each other through public
internet (the internet cloud) only.
These charges applicable to an operator with 2G

spectrum should be applicable to the 2G+3G
spectrum holder on their total AGR.
Spectrum Charges for stand-alone 3G operator : The
annual spectrum charges will be 3% with moratorium
of 1 year from assignment of spectrum.
Apart from the above, TRAI also recommended an
annual administrative charge of 2% of the highest
bid amount during the validity of 3G spectrum. This
charge would be over and above the annual spectrum
charges. This proposal is yet to be endorsed by DoT.
Mobile Virtual Network Operator (MVNO)

On August 6, 2008 and by means of its subsequent
amendment dated March 12, 2009, TRAI
recommended the entry of MVNOs in India.
The definition of MVNO as suggested is: MVNO in
a service area is an entity that does not have
spectrum of its own for access services but is
licensed to provide access services to its customers
through an agreement with any licensed access
provider. The MVNO should not possess spectrum
for access services in any manner including licensing
of spectrum.
As per TRAI, MVNO should be free to choose its
business model (Full or Intermediate or Thin).
Typically, a Thin MVNO would offer services in its
own brand without any infrastructure and a full
MVNO could set up its own HLR, VLR, IN switches,
MSC etc. but not the Radio Access Network (RAN).
TRAI has also recommended that at present, one
MVNO may be restricted to get parented to one
telecom operator only in any service area.
This is yet to be endorsed by the DoT.
Carrier Selection and NLD Calling Cards

On August 20, 2008 TRAI issued the direction that
in todays context Carrier Selection is not justifiable
on need & cost benefit basis.
As an alternative to Carrier Selection, TRAI
recommended that NLDOs and ILDOs should be
allowed to introduce their own calling cards. As per
TRAI, on such long distance calling cards, local calls
and other intelligent network based and value added
services like tele-voting, toll free numbers, SMS/
MMS and content services should not be allowed.
Internet Telephony
On August 18, 2008 and by means of its subsequent
clarification dated February 3, 2009 TRAI
recommended to allow ISPs to offer full fledged
unrestricted internet telephony (i.e. calling from
internet to PSTN/PLMN numbers and vice versa
within India).
As per TRAI, ISPs should not be subject to any QoS

norms and also may not be mandated to provide
emergency number dialing at present.
3G and BWA Auction

During the year, DoT initiated the process of auction
of 3G and BWA spectrum but the auction date was
deferred with no definitive announcement on dates.
It is expected that it will take place after the
formation of the new central government.
Meanwhile, a Group of Ministers has been
constituted to decide on the issue of pricing of 3G
spectrum and BWA licenses.
OPPORTUNITIES AND THREATS

Opportunities
The rural landscape
The Indian telecommunication industry is now the 2nd
largest wireless market in the world after China and is
poised to deliver solid growth forward. The focus on
rural penetration and customer affordability will be
instrumental in driving the next phase of growth in India.
The majority of the wireless net additions have started
to come from the rural segment.
The telecom industry plays a pivotal role in transforming
the lives of the rural households which account for 70%
of Indias population. An increasing number of rural
customers is contributing to the growth in telecom
sector. The rural segment is witnessing a growth of
8-10% every month giving a substantial boost to the
telecom sector.
With rural teledensity still below 15%, the opportunities
are immense and Airtel is leveraging its fast mover
advantage to reach the hinterlands. Currently, more than
60% of our new customers come from rural India.
New technologies and paradigms
As growth in data traffic accelerates with the
proliferation and adoption of web services the telecom
operators will evolve their infrastructure through
upgrading their access transmission infrastructure from
the base stations to the core switching network. With
increasing bandwidth and data demands, advanced
technologies like HSPA, WiMAX and WiFi will be
deployed. 3G and BWA auctions will be held in the 2nd
half of the year. Convergence will be a vital phenomenon
to support all network and IT services, using IP as the
strategic technology.
In this regard, allocation of E.164 number resources

may be permitted to ISPs for providing Internet
Telephony.
Infrastructure sharing may extend to active

infrastructure, resulting in opportunity to reduce the
costs to deploy mobile network infrastructure. The
Enterprise Segment will see increased emphasis on
managed services and MPLS technology which provides
differentiated and assured Quality of Service (QoS).
In order to facilitate termination of Internet Telephony

calls on PSTN/PLMN and vice versa including among
Triple Play services (Voice, Data and Video) will gather

momentum with telecom operators getting into media
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Bharti Airtel will participate in the discussions on the

feasibility and the model for adopting 3G and other
NGN (Next Generation Networks) related technologies
in the Indian context.
Our entry into the Sri Lankan market for telecom services
in January 2009 is very encouraging. Our experience
in the Indian Market and unique value based low cost
business model is suitable for the Sri Lankan customer
and we hope and expect to establish a strong presence
in Sri Lanka, and create value for the Sri Lankan
customers.
Threats
Economic Meltdown
There is a global economic slowdown that has severely
impacted the largest economies and the effect is
cascading down to the smaller and emerging economies.
Governments across the globe are offering bailout
packages to stimulate growth, infuse consumer
confidence and provide employment opportunities. Large
multinational corporations are struggling to grow their
top-lines. As a result, the Enterprise business may be
affected by this but we expect revival of this segment
in the second half of this fiscal year. However, the
India growth story continues, backed by a strong rural
economy.
Increased competition may reduce market share and/or
revenue
Strong strategic partnerships
The wireless market in the year 2008-09 saw the entry

of many existing players into newer circles along with
operators migrating to GSM from CDMA technology.
The coming year will see competition intensify as the
market will grow to 550 mn customers.
We have a strategic alliance with SingTel, which has

enabled us to further enhance and expand our
telecommunications network in India to provide quality
service to our customers. The investment made by
SingTel in Bharti is one of their largest investments
made in the world outside Singapore.
The market also saw the entry of many international

and national long distance operators. This may lead to
some tariff erosion and pressure on marketing
expenditure in the coming year. Bharti Airtel, with its
integrated portfolio of product and service offerings will
emerge stronger and retain its leadership.
We have also established strong alliances with

equipment and technology partners who share our drive
for development of innovative solutions. Ericsson, Nokia
Siemens and Huawei are equipment partners supporting
our aggressive expansion plans by deploying state of
the art technology across our networks. IBM has been
working closely with us to transform our IT systems,
key business processes and establishing an enterprise
integration platform. Telephone services and long
distance networks equipment partners include Siemens,
CISCO, WIPRO and Tellabs among others. Nortel, IBM
Daksh, Mphasis, Firstsource, Teleperformance, Aegis
and HTMT are associated with us for providing excellent
customer experience through dedicated call center
operations. We have a strategic partnership with Infosys
to provide a suite of products, including devices,
application servers and interactive applications to
enhance digital lifestyle for our customers. We work
with globally renowned organizations such as On Mobile,
Comviva, Yahoo, Google and Cellbrum among others
to provide each of our customers with a unique
experience in the areas of CRBT(caller ring back tone),
Music on Demand, Email services and other Airtel Live
applications.
SEGMENT WISE PERFORMANCE
We are considering a joint venture with Alcatel Lucent

for managed services for our broadband and fixed line/
telephone services. This is the first Managed Services
partnership for Broadband and Telephone Services in
India. The joint venture when executed will provide
services for Airtels migration to Next Generation
Networks (NGN) to offer advanced services like highspeed internet, Triple Play, media-rich VAS, MPLS, VPN
for both retail and business customers.
Bharti Airtel has had an overall robust performance in

all segments in which it operates. In all, the Company
added 31,938,527 mobile customers in FY 2008-09,
representing a customer addition of 51.52% over the
previous year. As on March 31, 2009 the Company
had an aggregate of 96,649,487 customers, consisting
of 93,923,248 mobile and 2,726,239 Telemedia
customers. Our total customer base increased by
50.38% compared to the customer base on March 31,
2008.
Mobile Services
The Company offers mobile services using GSM
technology on 900MHz and 1800MHz bands, and is
the largest wireless service provider in the country,
based on the number of customers. This segment
constitutes the largest portion of the Companys
business, both in terms of total revenues and total
customers. The companys 93,923,248 mobile
customers accounted for a customer market share of
24% of the wireless market, as on March 31, 2009.
The Company offers post-paid, pre-paid, roaming and
value added services through its extensive sales and
distribution channel, covering 1,191,323 outlets.
During the financial year, the Company expanded its
operations to 5,060 census towns and 414,906 noncensus towns and villages in India, thus covering
approximately 81% of the countrys population. Post
the Companys launch on January 12, 2009, our
services are now operational in Sri Lanka. These services
have been launched on a state-of-the-art 3.5G network.
space through DTH and IPTV platforms. The DTH market

will evolve further as the low levels of reach, quality
and service standards of existing cable operators,
coupled with growing demand for digital content and
introduction of CAS (conditional access system) by the
Government of India will all work together give a boost
to this segment. Airtel will strengthen its position as an
integrated player through offering services across all
technologies.
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The Companys strong performance has helped to

consolidate its leadership in the market and has given
it the opportunity to take full advantage of the rapidly
growing telecom market.
The revenues from the mobile services for the financial
year were Rs. 304,188 mn, a growth of 39% over the
revenues in the previous financial year. The mobile
services business contributed 81% to the consolidated
revenues. The growth in revenues happened despite
reductions in tariffs and intense competition. With
mobile tariffs in India being among the lowest in the
world, the Companys prime focus is on ensuring
customer satisfaction through network quality, superior
customer service and continuous innovation in valueadded services that would help expand its mobile
subscriber base and drive up volumes. The key financial
results of the mobile segment for the year ended March
31, 2009 are presented below:
Particulars
Customers
Gross Revenue
EBIT
FY 2007-08
FY 2008-09
Y-o-Y
Growth
61,984,721
Rs. 218,697 mn
Rs. 59,269 mn
93,923,248
Rs. 304,188 mn
Rs. 68,746 mn
52%
39%
16%
Telemedia Services
The Company provides broadband (DSL) and telephone
services (fixed line) in 15 circles spanning over 95 cities
with growing focus on new media and entertainment
solutions such as DTH and IPTV. As on March 31, 2009,
the Company had 2,726,239 customers (a growth of
19.3%), of which 39.3% (~10, 71,412) were
subscribing to broadband / internet services.
The product offering in this segment includes supply
and installation of fixed-line telephones providing local,
national and international long distance voice
connectivity and broadband Internet access through
DSL.
partner to Indias leading organizations, helping them

to meet the challenges of growth.
The Enterprise Services group has two sub-groups, viz.
Carriers and Corporate business units.
Carriers the Carrier business unit provides long
distance wholesale voice and data services to carrier
customers as well as to other business units of Airtel.
It also offers virtual calling card services in the overseas
markets. The business unit owns a state of the art
national and international long distance network
infrastructure enabling it to provide connectivity services
both within India and connecting India to the world.
The national long distance infrastructure comprises of
101,337 route kilometers of optical fibre, over 1,500
MPLS and SDH POPs and over 1,491 POIs with the
local exchanges, providing a pan-India reach.
The international infrastructure includes ownership of
the i2i submarine cable system connecting Chennai to
Singapore, consortium ownership of the SMW4
submarine cable system and investment in capacities
across a number of diverse submarine cable systems
across transatlantic and transpacific routes. In the recent
past we have announced investments in new cable
systems such as Asia America Gateway (AAG), India
Middle East and Western Europe (IMEWE), Unity North,
EIG (Europe India Gateway) and Eastern Africa
Submarine Cable System (EASSy).
The key financial results of the Carriers division for the
year ended March 31, 2009 are presented below.
Particulars
Gross Revenue
EBIT
FY 2007-08
FY 2008-09
Y-o-Y
Growth
Rs. 43,798 mn
Rs. 11,289 mn
Rs. 68,235 mn
Rs. 25,709 mn
56%
128%
We also remain strongly committed to our focus on

Small and Medium Business Enterprises. We provide a
range of customized Telecom / IT solutions and aim to
achieve revenue leadership in this rapidly growing
segment of ICT market.
Corporates - This business unit delivers end-to-end

telecom solutions to Indias large corporates. It serves
as the single point of contact for all telecommunication
needs for corporate customers in India by providing a
full suite of communication services across data, voice
and managed services.
The strategy of our Telemedia business is to focus on

cities with high revenue potential, except for DTH which
is an all India offering. Airtel digital TV is available to
customers through 31,000 retail points in over 4,000
cities and towns across the country.
It specializes in providing customized solutions to

address unique requirements of different industry
verticals; BFSI, IT, ITeS, manufacturing and distribution,
media, education, telecom, Government and PSUs and
retail among others.
The revenues from the Telemedia services were

Rs. 33,426 mn, a growth of 17% over the revenues in
the previous financial year. The key financial results of
Telemedia Services for the year ended March 31, 2009
are presented below.
Backed by the alliances with leading technology

companies worldwide and state of the art infrastructure,
it offers a complete range of telecom solutions. These
solutions enable corporates to network their offices
within India and across the globe, provide them
infrastructure to run business critical applications and
provide them means to connect with their customers,
vendors and employees.
Particulars
Customers
Gross Revenue
EBIT
FY 2007-08
FY 2008-09
Y-o-Y
Growth
2,283,328
Rs. 28,615 mn
Rs. 6,109 mn
2,726,239
Rs. 33,426 mn
Rs. 8,188 mn
19%
17%
34%
Enterprise Services
Enterprise Services provides a broad portfolio of services
to large Enterprise and Carrier customers. Enterprise
Services is regarded as the trusted communications
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These services include; Internet, MPLS -VPN, domestic

and international private leased circuits, Satellite
services (VSAT), Audio and Video conferencing, Data
Centre services, Managed network services, corporate
Value Added Services, EPBX, Centrex, Contact centre
solutions, Toll free services, Mobile Enterprise
Enablement solutions.
7/21/2009, 9:23 PM
Particulars
Gross Revenue
EBIT
FY 2007-08
FY 2008-09
Y-o-Y
Growth
Rs. 13,885 mn
Rs. 5,245 mn
Rs. 16,434 mn
Rs. 5,928 mn
18%
13%
Passive Infrastructure Services

Bharti Infratel provides passive infrastructure services
on a non-discriminatory basis to all telecom operators
in India. Bharti Infratel deploys, owns and manages
passive infrastructure in 11 circles of India. Infratel also
holds 42% share in Indus Towers (a Joint Venture
between Bharti Infratel, Vodafone and Idea Cellular).
Indus operates in 16 circles (4 circles common with
Infratel, 12 circles on exclusive basis).
Bharti Infratel has 27,548 towers in 11 circles, excluding
the 35,066 towers in 12 circles for which the right of
use has been assigned to Indus with effect from 1st
January 2009.
Indus Towers has built 14,484 towers during the
financial year ended March 09 and has a portfolio of
95,154 towers including the towers under right of use.
The key financial results of the Passive Infrastructure
Services division for the year ended March 31,2009
are:
Particulars
Gross Revenue
EBIT
FY 2007-08
FY 2008-09
Y-o-Y
Growth
Rs. 6,023 mn
Rs. 1,243 mn
Rs. 50,913 mn
Rs. 3,204 mn
745%
158%
OUTLOOK
The India growth story continues and we expect revival
of the economy in the second half of this fiscal year.
We have no doubts that the telecom sector will lead
the economic revival and Bharti Airtel will be at the
forefront. We are the first private mobile GSM operator
to have an all India footprint and operations in Sri Lanka.
We believe that we are in a strong position to enhance
our leadership, based on:
our rich human resource talent pool
our focus on building a strong brand, and enhancing

customer experience
our ability to maximize returns on investment; strong

financial health and positive free cash flow
our focus on new services and businesses (managed

services, m-commerce, m-entertainment, media)
the expansion of our networks to rural markets
the ability to leverage on the strengths of our

business partners and our integrated player status
We are an innovative company and our products and

services are based on deep customer understanding.
We believe that customer value management, market
planning and our strong partner ecosystem will be the
key drivers for success.
RISKS AND CONCERNS

Our business is subject to extensive regulation by the
Government, which could have an adverse effect on
our business.
The telecom business is subject to extensive regulation.
We, however, do not perceive adverse changes in the
regulatory environment. We are confident that the
government will continue to ensure a level playing field
for all operators, keeping the customers best interest
in mind.
Technical failures and natural disasters could damage
our telecommunication networks.
We maintain insurance for our assets, equal to the
replacement value of our existing telecommunications
network, which provides cover for damage caused by
fire, special perils, and terrorist attacks. Technical
failures and natural disasters even when covered by
insurance, may cause disruption, however temporary,
in our operations.
We have been investing significantly in business
continuity plans and disaster recovery, initiatives, which
will enable us to continue with normal operations under
most circumstances.
Changes in available technology could increase
competition and our capital costs
In order to remain competitive, we consistently
introduce sophisticated new technologies. If the new
technologies we have adopted, or on which we intend
to adopt, fail to be cost-effective and accepted by
customers, our ability to remain competitive could be
affected.
We have prudently deployed new technologies after
assessing the experience our international partners have
had in the deployment processes before choosing to
do so ourselves.
Skilled Manpower and Talent
The growth of the Indian economy has led to an
increased requirement for talented managerial personnel.
We believe that talented manpower is a key strength.
Given the track record and success of our employees,
other companies often look to Bharti Airtel Ltd as a
hunting ground for talent.
As a retention strategy, the company has issued many
schemes including ESOPs. Further, in order to mitigate
the risk we place considerable emphasis on development
of leadership skills and on building employee motivation.
INTERNAL CONTROL SYSTEMS
The Company deploys a robust system of internal
controls to allow optimal use and protection of assets,
facilitate accurate and timely compilation of financial
statements and management reports and ensure
compliance with statutory laws, regulations and
company policies. The Company has also put in place
an extensive monitoring and review mechanism,
whereby the Management regularly reviews actual
performance with reference to business plans; both
financial and operational.
The key financial results of the Enterprise Services

Corporates division for the year ended March 31, 2009
are presented below.
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The Corporate Assurance Group is responsible for

performing regular Internal Assurance reviews to ensure
adequacy of the internal control systems and adherence
to management policies and statutory requirements.
The Corporate Assurance Group deploys an Annual
Internal Assurance plan based on assessment of major
risks in each of the businesses. Risk Assessment helps
in identifying and focusing on all high-risk areas. The
internal assurance review covers all the business-critical
processes, such as Sales and Marketing, Revenue
Assurance, Billing & Collection, Technology Services,
Network Operations, Procurement and Financial
Accounting.
The Corporate Assurance Group reports directly to the
Audit Committee of the Board and to the Chairman and
Managing Director of the Company and administratively
to the CEO & Joint Managing Director. The Board Audit
Committee approves the annual audit plan, reviews
observations of both internal and external audits, risk
assessment and adequacy of internal controls.
DISCUSSION ON FINANCIAL PERFORMANCE
Particulars
FY 2007-08
FY 2008-09
Customers
64,268,049
96,649,487
Gross Revenue
Rs 270,122 mn
EBITDA
Rs 114,018 mn
PAT
Rs 63,954 mn
Gross Assets
Rs 423,224 mn
Capital
Expenditure
Capital
Productivity
Rs 218,043 mn
63.82%
Commentary
Growth of
50% Y-o-Y
Rs 373,521 mn
Growth of
38% Y-o-Y
Rs 152,858 mn
Growth of
34% Y-o-Y
Rs 78,590 mn
Growth of
23% Y-o-Y
Rs 586,616 mn
Increase by
Rs 163,392 mn
Rs 166,945 mn
Decline of
25% Y-o-Y
63.67%
MATERIAL DEVELOPMENTS IN HUMAN RESOURCES

The year 2008-09 witnessed unprecedented changes
in the global business environment. However, the India
telecom sector in India continued to grow rapidly, adding
new customers and directly contributing to the countrys
economic growth.
Despite increased competition and tough economic
conditions, it has been a year of expanding market
leadership for Airtel. While our three businesses continue
to grow from strength to strength, the launch of mobile
services in Sri Lanka operations, DTH and IPTV services
has now made Airtel a complete integrated player with
a presence across the three screens mobile phones,
computer and TV screens and with geographical
presence beyond India.
Our performance in 2008-09 has demonstrated that
our strategies of customer and employee centricity,
higher investments for building infrastructure and leaner
business model have helped us not only to weather the
storm but also to emerge stronger in the market place.
With the 2010 vision of being the most admired brand
in India targeted by top talent as a constant theme,
Airtel has a long-term human resources strategy in place
to attract, retain and get the best talent; to build the
right capabilities in current and new businesses and
2 MDA & CGR 68-91.p65
74
strengthen its competitive advantage. We have focused

on intensive training and development for employees
at all levels aimed at grooming our people to take larger
responsibilities and newer challenges. Career
progression and succession planning has been the key
to build a robust leadership pipeline. While a large
number of key leadership positions were filled in from
our large internal leadership pipeline, we have also
focused on acquiring new competencies required for
new business opportunities. Airtel also brought in high
quality people from the best companies across the globe.
Airtel has constantly re-invented its business model and
organization design to create challenging jobs and offer
an enriched experience for our people. The company
has also encouraged employees to participate in our
CSR initiative of educating under-privileged children in
rural areas. It is heartening to note that the various HR
initiatives have helped in reducing the attrition to 18%
from the earlier 28%. Airtel is also the proud recipient
of the prestigious Gallup Great Place to Work award
second time in row.
At the end of March 31, 2009, Bharti Airtel had a total
of 24,538 employees; 10,357 were on the rolls of Bharti
Airtel Limited, 14,181 were on the rolls of Bharti Airtel
Services Limited.
COMPETITION
Competition is not new to the Indian telecom industry
and the Industry has witnessed the launch of new circles
by existing players and migration to GSM technology
by CDMA players. Many mobile players are also entering
the Enterprise business by launching their NLD/ILD
operations.
Bharti Airtel has consistently strengthened its leadership
position among the private operators, backed by its
strong execution capabilities, customer centric products
and services and a strong management team. We will
continue the focus on our customers with Value Added
Services and invest in further enhancing our brand
strengths. We are confident that with the solid
foundations built over the past 14 years, we are well
placed to take full advantage of the market opportunities
that this buoyant market presents and continue to hold
our leadership position.
KEY STRATEGIES
In the year gone by, Bharti Airtel has focused on making
telecom services affordable through a dedicated effort
of rationalizing and simplifying tariffs. The Company
will continue to pursue this strategy of affordability,
availability and simplicity. The customer has been at
the centre of our strategy and going forward our full
focus will be, and remain on customer service. The
Company believes that infrastructure sharing will provide
a boost to managing efficient operations, resulting in
significant cost savings. We will explore the extent of
active infrastructure sharing based on guidelines issued
by TRAI. We recognize the potential offered by the
rural Indian market. Significant expansion, both of
network and distribution, is being planned. In the coming
year, the Company expects more than half of its new
business to come from rural customers.
7/21/2009, 9:23 PM
In addition to rural expansion, Bharti Airtel has also

expanded abroad through the launch of its operations
in Sri Lanka where it has successfully replicated its
unique business model.
Our focus is to achieve higher cost efficiency by

delivering on economies of scale and by making
appropriate changes in our business model. We envisage
that this will result in productivity gains and ongoing
strong financial health.
The coming year will see a stronger emphasis on nonmobile business with Direct -to- home (DTH) services
and IPTV services. The Company will increase
investments in the area of broadband to enhance
penetration and usage of broadband services. The

Company will focus on non-voice business by developing
customized solutions in the B2B space.
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Report on corporate governance
14
GOVERNANCE PHILOSOPHY
Corporate governance has been the subject of much
debate and discussion and as the Indian economy
continues to grow in the midst of a global recession, it
assumes increasing importance in establishing credibility
and trust for long term sustainability of a business
enterprise. Globally, there is ample evidence to
demonstrate that strong governance brings tangible
financial benefits as well as intangible rewards to
companies. There is substantial variation in governance
models from country to country and even within
companies in the same country. Traditional views of
governance as a regulatory and compliance requirement
is giving way to voluntary adoption of governance
tailored to the specific needs of a company or country.
Clause 49 has set the minimum compliance rules for a
listed company and other matters like sending the
agenda containing timely and adequate information for
informed decision making, running the agenda and board
meeting process efficiently and writing and distributing
minutes regularly and promptly only set the baseline
for governance standards. Our Companys endeavor is
to achieve higher standards and provide oversight and
guidance to management in strategy implementation
and risk management and fulfillment of companys
objectives and goals.
Independent directors are appointed not merely to fulfill
the listing requirement but for their diverse skills and
experience, international perspective as well as the
external objectivity that each of them bring to effectively
perform their role to provide strategic direction and
guidance and provide constructive support to
management by asking the right questions and
generating quality debates and discussions on major
decisions.
Corporate Governance Practices in Bharti Airtel Limited
are based on the following:
Compliance with regulatory and fiduciary

requirements in letter and spirit
Ensuring complete and timely disclosure of relevant

financial and operational information to enable the
Board play an effective role in guiding strategy
Adoption of a policy on tenure of directors, rotation

of auditors and a code of conduct for directors and
senior management
Creation of various committees for audit, senior

management compensation, HR policy and
management compensation, employee stock option
plans and investor grievance
An informal meeting of independent directors that

meets prior to the commencement of every board
meeting without the presence of any non
independent/executive director to raise and discuss
important issues that they would like to be
addressed at the Board meeting
2 MDA & CGR 68-91.p65
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A formal induction schedule for new members that

enables them to meet individually with the top
management team
Reviewing regularly and establishing effective

meeting practices that encourage active
participation and contribution from all members
Independence of directors in reviewing and

approving corporate strategy, major business plans
and activities as well as senior management
appointments
Well defined corporate structure that establishes

checks and balances and delegates decision making
to appropriate levels in the organization.
Corporate governance rating

CRISIL has assigned Governance and Value Creation
(GVC) rating viz. CRISIL GVC Level 1 on the corporate
governance and value creation practices of the
Company. This indicates our capability and clear
objective to create value for all our stakeholders, while
preserving the high standards of ethics and governance.
We acknowledge that corporate governance is an
upward moving target, and we aim to establish and
benchmark ourselves with the best of companies in
India and overseas to ensure that we maintain the
highest rating for our practices.
BOARD OF DIRECTORS
Composition of the Board
In compliance with the Listing Agreements, FDI
guidelines, other statutory provisions and the terms of
the shareholders agreement, the Board has sixteen
members with an executive Chairman & Managing
Director and CEO & Joint Managing Director, besides
fourteen non-executive directors of whom eight are
independent directors.
A detailed profile of each of our directors is available
on the website of the Company at www.airtel.in in the
Investor Relations section and also included in the annual
report.
The members of our Board are from diverse backgrounds
with skills and experience in critical areas like
technology, finance, entrepreneurship and general
management. Many of them have worked extensively
in senior management positions in global corporations
and a few are industrialists of repute with knowledge
of the Indian business environment. The Board reviews
its strength and composition from time to time to ensure
that it remains aligned with the requirements of the
business.
Our Board is responsible for the appointment of new
directors from time to time. The appointments of such
directors are also approved by the shareholders at the
annual general meeting.
7/21/2009, 9:23 PM
In compliance with Clause 49 of the Listing Agreement,

half the Board comprises of independent directors since
Sunil Bharti Mittal is the Executive Chairman of the

Board.
Number of directorships1 and

committee2 memberships
and chairmanships
Committee
Director- Chairman- Memberships
ships
ships
Name of director
Director
Identification
Number
Category
Sunil Bharti Mittal
00042491
Executive director
Promoter
Manoj Kohli3
00162071
Executive director
Akhil Gupta
No. of
board
meeting
attended
Whether
attended
last
AGM
Yes
Yes
00028728
Non-executive director
12
Yes
Rajan Bharti Mittal
00028016
promoter
10
Yes
00042494
promoter
Yes
Chua Sock Koong
00047851
No
Paul OSullivan
00051156
No
N.A.
Quah Kung Yang
02274965
Francis Heng6
01473283
N.A.
N.A.
N.A.
No
Bashir Currimjee
00137892
Independent director
No
Donald Cameron7
00152992
N.A.
N.A.
N.A.
Kurt Hellstrom8
00530736
No
N Kumar
00007848
Yes
00003557
No
Ajay Lal
00030388
No
Arun Bharat Ram
00694766
11
No
Mauro Sentinelli
02162922
No
Nikesh Arora9
02433389
N.A.
Craig Ehrlich10
02612082
N.A.
N.A.
N.A.
N.A.
N.A.
1.
The directorships held by the directors, as mentioned above do not include the directorships held in foreign companies, private
limited companies and companies under Section-25 of the Companies Act, 1956. Private limited companies which are public
limited companies in terms of sec 3(1)(iv)(c) of the Companies Act have been included in the no. of directorship, committee
membership and chairmanship.
2.
The committees considered for the purpose are those prescribed under Clause 49(I)(C)(ii) of the Listing Agreement(s) viz. audit
committee and shareholders/investors grievance committee of Indian public limited companies and private limited companies
which are public limited companies in terms of section 3(1)(iv)(c) of the Companies Act, 1956. The committee membership
details provided do not include chairmanship of committees as it has been provided separately.
3.
Manoj Kohli was appointed as Joint Managing Director of the Company effective August 01, 2008.
4.
Akhil Gupta relinquished the position of Joint Managing Director effective August 1, 2008
5.
Quah Kung Yang was appointed as an additional director of the Company effective August 01, 2008. Prior to his appointment
as an additional director, Quah Kung Yang was also appointed as an alternate director to Francis Heng for attending one board
meeting held on July 23, 2008.
6.
Francis Heng resigned from the Board w.e.f. August 01, 2008.
7.
Donald Cameron resigned from the Board effective April 25, 2008
8.
Kurt Hellstrom has resigned from the Board w.e.f April 29, 2009.
9.
Nikesh Arora was appointed as additional director of the Company w.e.f October 30, 2008.
10. Craig Ehrlich was appointed as additional director w.e.f April 29, 2009
11. Except Sunil Bharti Mittal, Rakesh Bharti Mittal and Rajan Bharti Mittal, who are brothers and promoter directors, none of the
directors are relatives of any other director
12. The following non-executive directors hold equity shares in the Company as follows: Akhil Gupta - 1091692 including shares
held jointly with his relative, Mr. Ajay Lal -10,000 shares and Bashir Currimjee - 700 shares through a relative.
The requisite information as per the requirements of Clause 49 of the Listing Agreement is provided in the following
table:
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Governance Structure
Building a culture of integrity in todays complex business
environment demands high governance standards in
every area of operation. Bharti Airtels commitment to
full compliance is backed by an independent and fully
informed board and comprehensive processes and policies
that strive to enable transparency in our functioning.
The organisation structure is headed by the Group
Chairman and Managing Director, supported by the CEO
& Joint Managing Director. Recently, a Deputy CEO has
been appointed with direct responsibility for operations
of the Mobility and Telemedia business units. There is a
clear demarcation of duties and responsibilities amongst
the three positions:
The Group Chairman and Managing Director is

responsible for providing strategic direction,
leadership and governance, leading transformational
initiatives and international strategic alliances
besides effective management of the Board;
The CEO & Joint Managing Director is responsible

for the enterprise business, performance of
functions like marketing, customer service, HR, IT,
Finance, Network, Legal and Supply Chain
Management amongst others. He is also responsible
for employee engagement, customer satisfaction,
ensuring success of outsourcing initiatives and
improvements in the internal control metrics;
The Deputy CEO heads the operational team and is

responsible for the performance of the Mobility and
the Telemedia business including the recently
launched Direct To Home and new projects and
initiatives.
Our Companys business is structured into three

Strategic Business Units (SBUs) i.e. Mobile Services,
Telemedia Services (formerly known as Broadband &
Telephone Services), and Enterprise Services. Each of
the business units is headed by a business President.
The corporate governance structure of our Company is
multi-tiered, comprising governing boards at various
levels, each of which is interlinked in the following
manner:
(a) Strategic supervision and direction by the Board
of directors, which exercises independent judgment
in overseeing management performance on behalf
of the shareowners and other stakeholders and
hence plays a vital role in the oversight and
management of the Company;
(b) Control and implementation by the Airtel
Management Board (AMB). The CEO & Joint
Managing Director, the Presidents of the three SBUs
and the Functional Directors are members of the
Airtel Management Board. The AMB meets monthly
and takes decisions relating to the OneAirtel
business strategy and looks at achieving operational
synergies across business units. The team owns
and drives company-wide processes, systems and
policies. The AMB also functions as a role model
for leadership development and as a catalyst for
imbibing customer centricity and meritocracy in the
culture of the Company.
2 MDA & CGR 68-91.p65
78
(c) Operations management by the Management

Boards of the three SBUs assisted by their
respective Hub or Circle Executive committees (ECs)
for day-to-day management and decision making,
focused on enhancing the efficiency and
effectiveness of the respective businesses; and
(d) Technology management by the Airtel Technology
Council, concentrating on assessing emerging
technological trends and achieving consensus on
future technology initiatives and action plans.
Our governance structure helps in clearly determining
the responsibilities and entrusted powers of each of
the business entities, thus enabling them to perform
those responsibilities in the most effective manner. It
also allows us to maintain our focus on the organizational
DNA and current and future business strategy, besides
enabling effective delegation of authority and
empowerment at all levels.
Independent directors
Our Board has adopted a comprehensive policy on
independent directors that sets out the criteria of
independence, age limits, recommended tenure,
membership of committees, remuneration, and other
related terms. The policy emphasises the importance
of independence and states that an independent director
shall not have any kind of relationship with the Company
that could influence such directors position as
independent director. As per the policy:
a)
The independent director must meet the baseline

definition and criteria on independence as set out
in Clause 49 of the Listing Agreement and other
regulations, as amended from time to time;
b) The independent director must not be disqualified

from being appointed as director in terms of Section
274 and other applicable provisions of the
Companies Act, 1956;
c)
The minimum age is 25 years and the maximum is

70 years;
d) The independent directors will be appointed on at

least one committee but not more than two
committees of the Board;
e)
It is recommended as a general principle that the

independent director should not be a director on
Board of more than six public listed companies;
f)
Subject to re-appointment at annual general

meetings, tenure for independent directors is three
terms of three years each. For incumbents who are
in their third term, the term will be until completion
in the normal course or three years from 1 January
2008, whichever is later;
g) The tenure of independent directors on Board

committees will be as follows :
Tenure for the chairmanship of the audit

committee is two terms of three years each;
Tenure for the chairmanship of the HR

committee is two terms of two years each;
The tenure of lead independent director shall

be two terms of two years each.
7/21/2009, 9:23 PM
Information on recruitment/remuneration of senior

officers just below board level;
Material important show cause, demand,

prosecution notices and penalty notices, if any;
Fatal or serious accidents, dangerous occurrences,

any material effluent or pollution problems, if any;
Any material default in financial obligations to and

by the Company or substantial non-payment for
services provided by the Company;
Any issue which involves possible public or product

liability claims of substantial nature, if any;
Details of any joint venture or collaboration

agreement;
Transactions involving substantial payment towards

goodwill, brand equity or intellectual property;
Human resource updates and strategies;
Sale of material nature, of investments, subsidiaries,

assets, which is not in the normal course of
business;
Quarterly treasury reports including details of foreign

exchange exposures and the steps taken by
management to limit the risks of adverse exchange
rate movement, if material;
Quarterly compliance certificates with the

Exceptions Reports which includes noncompliance of any regulatory, statutory nature or
listing requirements and shareholders service;
Disclosures received from directors;
Proposals requiring strategic guidance and approval

of the Board;
Related party transactions;
Regular business updates;
Update on Corporate Social Responsibility activities;
Significant transactions and arrangements by the

subsidiary companies;
Report on action taken on last board meeting

decisions;
Meeting of independent directors and lead independent

director
All independent directors meet separately prior to the
commencement of every board meeting, on their own,
(without the presence of any executive directors or
representatives of management) to discuss and form
an independent opinion on the agenda items and other
board related matters. Bashir Currimjee has been
designated as the lead independent director. The role
of the lead independent director is to:
Preside over all deliberation sessions of the

independent directors;
Provide objective feedback of the independent

directors as a group to the Board on various matters
including agenda and other matters relating to the
Company;
Undertake such other assignments as may be

requested by the Board from time to time.
Number of Board meetings

During the financial year 2008-09, the Board met four
times, on the following dates:
April 24 and 25, 2008
July 23 and 24, 2008
October 30 and 31, 2008
January 21 and 22, 2009
The time gap between two meetings was not more

than 4 months. Meetings are generally held in New
Delhi.
The calendar for the Board and committee meetings as
well as major items of the agenda is fixed in advance
for the whole year. Board meetings are held in the month
following each quarter in the manner that it coincides
with the announcement of quarterly results. The audit,
HR and ESOP compensation committee meetings are
held on the same dates as board meetings.
Information available to the Board
The Board has complete access to all the relevant
information within the Company, and to all our
employees. The information regularly supplied to the
Board specifically includes:
The above information is generally provided as part of

the agenda papers of the Board meeting and/or is placed
at the table during the course of the meeting. Corporate
Director Finance and other senior management
members are invited to the Board meetings to present
reports on the items being discussed at the meeting.
Annual operating plans, capital budgets and updates

therein;
Quarterly results for the Company and its operating

divisions or business segments;
Our audit, HR and ESOP compensation committee

meetings are held on the same day of the Board meeting,
prior to the Board meeting. To ensure an immediate
update to the Board, the Chairman of the respective
committee briefs the Board about the proceedings of
the respective committee meeting.
Minutes of meetings of the Board and board

committees, resolutions passed by circulations, and
minutes of the meeting of the Board of subsidiary
companies;
Before every board meeting, as a process, we invite

proposals from independent directors for discussion/
deliberation at the meeting(s). The items suggested by
the members are included in the agenda of the meeting.
We have adopted a practice of taking self-declaration

annually and at the time of appointment, from the
independent directors to the effect that they qualify
the test of independence as laid down under Clause 49
of the Listing Agreement. In addition, the Company also
ensures that the directors meet the above eligibility
criteria. All such declarations are placed before the Board
for information.
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The Company Secretary, in consultation with the

Chairman, prepares the agenda of the Board and
committee meetings. The detailed agenda is sent to
the Board members at least a week before the Board
meeting. In special and exceptional circumstances,
additional or supplementary item(s) on the agenda are
permitted to be taken up as any other item. Sensitive
subject matters may be discussed at the meeting
without written material being circulated in advance.
Code of Conduct
The Board has laid down a Code of Conduct for all
directors and senior management personnel of the
Company, which is also available on the website of the
Company (www.airtel.in). The Code is applicable to all
the Board members and direct reportees of the Chairman
and Managing Director and CEO & Joint Managing
Director at senior management level. The Code is
circulated annually to all the Board members and senior
management and the compliance of the same is affirmed
by them annually. In addition, a quarterly confirmation
of no transactions/transactions entered into by the
senior management with the Company is also procured
and placed before the board. A declaration signed by
the CEO and Joint Managing Director regarding
affirmation of the compliance with the Code of Conduct
by Board and senior management is appended at the
end of this report.
In addition to the Code of Conduct for the Board
members and senior management, the Company has
also laid down a Code of Conduct for all the employees
of the Company.
requirements of Section 292A of the Companies Act,

1956 and revised Clause 49 of the Listing Agreement.
The Company Secretary is the secretary to the
Committee. The CEO & Joint Managing Director, Chief
Financial Officer, Director Internal Assurance,
Corporate Director Finance, statutory auditors and
the internal auditors are permanent invitees. To ensure
proper internal control at each audit committee meeting,
the Committee invites the head of one of the functions
to make a brief presentation on action plans to improve
the level of internal control. In addition, other senior
management members are also invited to the committee
meetings to present reports on the respective items
being discussed at the meeting from time to time.
Internal auditors are invited to present their views on
risk management and internal control systems.
Key responsibilities of the audit committee
Oversight of the Companys financial reporting

process and the disclosure of its financial
information to ensure that the financial statements
are correct, sufficient and credible;
Recommending to the Board, the appointment, reappointment and, if required, the replacement or
removal of the statutory auditor, internal auditors
and the determination of their audit fees;
Approval of payment to statutory auditors for any

other services rendered by the statutory auditors;
Reviewing, with the management, annual financial

statements before submission to the Board for
approval, with particular reference to:
Regular training programs are conducted by senior

management across locations to explain and reiterate
the importance of adherence to the code. All employees
are expected to confirm compliance to the code
annually.
Matters required to be included in the directors

responsibility statement, which form part of the
Boards report in terms of clause (2AA) of
section 217 of the Companies Act, 1956;
Changes, if any, in accounting policies and

practices and reasons for the same;
Major accounting entries involving estimates

based on the exercise of judgment by
management;
Significant adjustments made in the financial

statements arising out of audit findings;
Compliance with listing and other legal

requirements relating to financial statements.
Approval of all related party transactions;
Qualifications in the draft audit report;
BOARD COMMITTEES
In compliance with the Listing Agreements (both
mandatory and non-mandatory), the SEBI Regulations,
and to focus effectively on the issues and ensure
expedient resolution of the diverse matters, the Board
has constituted a set of committees with specific terms
of reference and scope. The committees operate as
empowered agents of the Board as per their charter/
terms of reference. Constitution and charter of the Board
committees is also available on the website of the
Company at www.airtel.in
The details of the committees constituted by the Board
are given below:
Reviewing, with the management, the quarterly

financial statements before submission to the Board
for approval;
Reviewing, with the management, performance of

statutory and internal auditors, adequacy of the
internal control systems;
Reviewing the adequacy of internal audit function

including the structure of the internal audit
department, staffing and seniority of the official
heading the department availability and deployment
of resources to complete their responsibilities and
the performance of the out-sourced audit activity;
Audit committee
Our audit committee comprises of six members, all of
whom are non-executive directors and four of whom
are independent. The Chairman of the audit committee,
N. Kumar is an independent director and has sound
financial knowledge as well as many years of experience
in general management. The majority of the audit
committee members, including the Chairman, have
accounting and financial management expertise. The
composition of the audit committee meets the
2 MDA & CGR 68-91.p65
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Discussion with internal auditors with respect to

the coverage and frequency of internal audits as
per the annual audit plan, nature of significant
findings and follow up there on;
Reviewing the findings of any internal investigations
by the internal auditors into matters where there is
suspected fraud or irregularity or a failure of internal
control systems of a material nature and reporting
the matter to the Board;
Obtaining an update on the Risk Management

Framework and the manner in which risks are being
addressed;
Discussion with statutory auditors before the audit

commences, about the nature and scope of audit
as well as post-audit discussion to ascertain any
area of concern;
Review the reasons for substantial defaults in the

payment to the depositors, debenture holders,
shareholders (in case of non payment of declared
dividends) and creditors, if any;
Reviewing the functioning of the whistle blower

mechanism and the nature of complaints received
by the Ombudsman;
Reviewing the following:

Management discussion and analysis of

financial condition and results of operations;
Statement of related party transactions with
specific details of the transactions, which are
not in the normal course of business or the
transactions which are not at arms length price;
Meetings, attendance and composition of audit

committee
During the financial year 2008-09 the audit committee
met five times i.e. on April 24, 2008, April 25, 2008,
July 23, 2008, October 30, 2008 and January 21,
2009. Time gap between two meetings was less than
four months. Meetings are generally held in New Delhi.
The audit committee has adopted a practice of holding
a conference call a week before every regular audit
committee meeting to discuss routine internal audit issue
so that reasonable time could be devoted to major issues
in the regular audit committee meeting. During the
financial year the committee met three times through
the conference call i.e July 18, 2008, October 17, 2008
and January 16, 2009.
The composition and the attendance of members at
the meetings held during the financial year 2008-09,
are given below:
Member director
Category
N Kumar, Chairman
Ajay Lal
Arun Bharat Ram
Francis Heng1
Quah Kung Yang2
1.
2.
Number of
meetings
attended
5
3
4
4
3
4
2
Ceased to be a member of the committee w.e.f. August 01, 2008,

Attended 1 meeting through alternate director.;
Appointed as member of the committee w.e.f. August 01, 2008;
Audit committee report for the year ended March 31,

2009
To the shareholders of Bharti Airtel Limited:
Quarterly compliance certificates confirming

compliance with laws and regulations, including
any exceptions to these compliances;
The Audit Committee is pleased to present its report

for the year ended March 31, 2009:
Management letters/letters of internal control

weaknesses issued by the statutory auditors;
Internal audit reports relating to internal control

weaknesses;
The Committee has six (6) members; two-thirds of the

members, including the Chairman, are independent
directors as per the requirements of Clause 49 of the
Listing Agreement.
The appointment, removal and terms of

remuneration of the chief internal auditor;
The financial statements, in particular the

investments, if any made by the unlisted
subsidiary companies;
Such other function, as may be assigned by the

Board of directors from time to time or as may be
stipulated under any law, rule or regulation including
the Listing Agreement and the Companies Act,
1956.
Powers of the Audit Committee
Investigate any activity within its terms of reference

and to seek any information it requires from any
employee;
Obtain legal or other independent professional

advice and to secure the attendance of outsiders
with relevant experience and expertise, when
considered necessary.
Management is responsible for the Companys internal

controls and financial reporting processes. The statutory
auditors are responsible for performing an independent
audit of the Companys financial statements in
accordance with the Indian GAAP (generally accepted
accounting principles) and for issuing a report thereon.
US GAAP auditors are responsible for performing
independent audit of the Companys financial
statements in accordance with the US GAAP. The
internal auditors, reporting into the Internal Assurance
Group, are responsible for ensuring adequacy of internal
control systems and adherence to management policies
and statutory requirements. The Internal Assurance
Group headed by Director-Internal Assurance, is also
responsible for reviewing all the operations of the
Company to evaluate the risks, internal controls and
governance process. The Ombudsman is responsible
for the Whistle Blower Mechanism
The Audit committee oversees the work of the external
auditors, internal assurance group, internal auditors and
ombudsman. It is also responsible for overseeing the
processes related to the financial reporting and
information dissemination.
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In this regard the Committee reports as follows:
Key responsibilities of the HR committee
i.
The Committee has discussed with the Companys

internal auditors and statutory auditors the overall
scope and plan for their respective audits. The
Committee also discussed the results of the audit,
evaluation of the Companys internal controls and
the overall quality of financial reporting.
Besides remuneration packages and other benefits of

the executive directors, the HR committee also oversees
the functions related to human resource matters of the
Company. The key responsibilities of the HR committee
include the following:
Recruitment and retention strategies for employees;
The management presented to the Committee, the

Companys financial statements and also affirmed
that the Companys financial statements have been
drawn in accordance with the Indian GAAP. Based
on its review and discussions conducted with the
management and the statutory auditors, the Audit
Committee believes that the Companys financial
statements are fairly presented in conformity with
Indian GAAP in all material aspects. The Committee
also believes that the financial statements are true
and accurate and provide sufficient information.
Employee development strategies;
Compensation (including salaries and salary

adjustments, incentives/benefits bonuses, stock
options) and performance targets for the Chairman
and Managing Director and CEO & Joint Managing
Director;
All human resource related issues;
Other key issues/matters as may be referred by

the Board or as may be necessary in view of Clause
49 of the Listing Agreement or any other statutory
provisions.
ii.
iii. The Committee reviewed the financial statements

including the investments made by unlisted
subsidiary companies.
iv. The Committee has reviewed the internal controls
put in place to ensure that the accounts of the
Company are properly maintained and that the
accounting transactions are in accordance with
prevailing laws and regulations. In conducting such
reviews, the Committee found no material
discrepancy or weakness in the internal control
systems of the Company.
v.
The Committee has reviewed the report of the

Ombudsman on the functioning of the whistle
blower mechanism and believes that the Company
has effective whistle blower mechanism.
vi. The Committee has reviewed with the management

the performance of the statutory and internal
auditors and has recommended to the board the
re-appointment of M/s S. R. Batliboi & Associates,
Chartered Accountants, Gurgaon as statutory
auditors of the Company and Price Waterhouse
Coopers Private Limited as the internal auditors of
the Company for the succeeding term.
Meetings, Attendance and Compostion of HR committee

During the financial year 2008-09, the Committee met
four times i.e. on April 24, 2008, July 23, 2008,
October 30, 2008 and January 21, 2009. The
composition and the attendance of members at the
meetings held during the period, are given below:
Member director
Category
Bashir Currimjee1 (Chairman)

Craig Ehrlich2
Kurt Hellstrom3
Mauro Sentinelli
Nikesh Arora4
Donald Cameron5
Paul OSullivan
Rajan Bharti Mittal
1.
2.
3.
4.
5.
Number of
meetings
attended
3
N.A.
2
3
1
1
4
4
Appointed as Chairman of the HR committee w.e.f. April 29, 2009

Appointed as member of the HR committee w.e.f April 29, 2009
Ceased to be the Chairman and member of the HR committee
w.e.f April 29, 2009
Appointed as member of the Committee w.e.f October 30, 2008;
Ceased to be the member of the Committee w.e.f April 25, 2008
Remuneration policy for directors
N. Kumar
Chairman, Audit Committee
The remuneration paid to the executive directors, i.e.

Sunil Bharti Mittal - Chairman and Managing Director,
Akhil Gupta Joint Managing Director (till August 1,
2008) and Manoj Kohli CEO & Joint Managing Director
(from August 1, 2008) is recommended by the HR
committee and approved by the Board of directors within
the limits approved by the shareholders.
In compliance with the non-mandatory requirements of

Clause 49 of the Listing Agreement, we have a
remuneration committee known as the HR committee.
The remuneration of executive directors has two

components: fixed pay and variable pay (performance
linked incentive). While the fixed pay is paid to the
directors on a monthly basis, the performance-linked
incentive paid to the executive directors is based on
the performance of the individual director.
The Committee comprises of six non-executive

directors, of which four members, including Bashir
Currimjee, the Chairman of the committee are
independent directors. The Company Secretary acts as
the secretary of the Committee. The Group Director
HR is a permanent invitee. Other senior management
members are also invited to the committee meetings to
present reports on the items being discussed at the
meeting.
The performance targets i.e. the key result areas,

together with performance indicators for the executive
directors, based on the balanced score card, are finalised
at the beginning of the year. At the end of the year,
when the results are announced, the HR committee
evaluates the performance of each of these senior
executives against the targets set and recommends the
performance linked incentive for each of them to the
Board for payment.
In conclusion, the Committee is sufficiently satisfied

that it has complied with the responsibilities as outlined
in the audit committee charter.
Place : New Delhi
HR committee
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The independent non-executive directors are paid sitting

fees within the prescribed limits for the Board/committee
meetings attended by them. Further, a commission, duly
approved by the shareholders, not exceeding 1% of
the net profit of the Company for the year calculated
as per the Companies Act, 1956 is also payable to the
non-executive independent directors. Compensation of
non-executive independent directors is linked with the
number of meetings attended by the respective director
during the financial year.
The amount of commission payable to all the

independent directors including newly appointed
independent directors shall be as follows:
The Board of directors in their meeting held on January

23-24, 2006 approved a policy on all payments including
sitting fees, commission, reimbursement of expenses
etc. to independent directors. However, the Board of
directors in their meeting held on April 29, 2009 have
revised the existing policy on all payments including
sitting fees, commission, reimbursement of expenses
etc. to independent directors. As per the revised policy,
the independent directors are eligible for the following
remuneration:
The non-executive directors are also paid sitting fees

as follows:
Resident Indian directors US$ 30000 p.a.

Non-resident directors
US$ 50000 p.a.
Chairman of the audit committee will be entitled to an

additional commission of US$ 10000 p.a.
The payment of aforesaid is subject to availability of
sufficient profits with an overall ceiling of 1% of net
profits. The payment of commission is subject to the
policy on payment to independent directors.
(i) INR 10,000/- for attending each meeting of the

Board of directors
(ii) INR 10,000/- for attending all the meetings of
committee of the Board at one occasion.
The non-executive directors representing the key
shareholders namely Bharti Telecom and Singtel are not
entitled to any remuneration or reimbursement of any
expenses in line with the shareholders agreements
executed amongst themselves.
Remuneration to dirctors
The details of the remuneration paid by the Company to all directors during the financial year 2008-2009 are as
(Amount in Rs.)
under:
Name of director
Executive director
Sunil Bharti Mittal
Manoj Kohli
Akhil Gupta
Ajay Lal
Arun Bharat Ram
Bashir Currimjee
Chua Sock Koong
Donald Cameron
Francis Heng
Kurt Hellstrom
Mauro Sentinelli
N. Kumar
Nikesh Arora
Paul OSullivan
Quah Kung Yang
Rajan Bharti Mittal
Total
Salary and
allowances
95,882,196
17,969,252
60,000
80,000
60,000
40,000
60,000
80,000
19,615
80,000
479,615
10,291,357
124,142,805
Performance
linked incentive
Perquisites
Commission
Total
132,500,000 *
7,989,040
595,046
-
228,977,242
25,958,292
11,197,333
151,686,373
595,046
1,542,755
1,528,050
1,541,850
110,000
2,593,750
2,532,750
2,027,750
636,880
1,541,850
14,055,635
21,488,690
1,602,755
1,608,050
1,601,850
110,000
2,633,750
2,592,750
2,107,750
656,495
1,621,850
290,959,474
PLI for the FY 2007-2008
The salary and allowance includes the Companys contribution to the Provident Fund. Liability for gratuity and leave encashment is
provided on actuarial basis for the Company as a whole, the amount pertaining to the directors is not ascertainable and, therefore, not
included.
The value of the perquisites is calculated as per the provisions of the Income Tax Act, 1961. The above payments were subject to
applicable laws and deduction of tax at source.
During the year, Manoj Kohli was granted 4500 stock options under the ESOP Scheme 2005 of the Company on July 1, 2008 (prior
to his appointment as Joint Managing Director) at a price of Rs. 673 i.e. at a discount of 20% of the market price, which will vest over
the period of three years in equal proportion with an option to convert the stock options into equity shares either in full or in trenches
at any time upto 7 years from the Grant Date. The unexercised vested options can be carried forward throughout the exercise period.
The options which are not exercised will lapse after the expiry of the exercise period. No other director has been granted any stock
option during the year.
The remuneration of Manoj Kohli pertains to the period from August 1, 2008 to March 31, 2009 during his tenure as managing director
and does not include the remuneration paid to him prior to that period.
The Company has entered into contracts with the executive directors i.e. Sunil Bharti Mittal and Manoj Kohli each dated October 3,
2006 and August 1, 2008, respectively. These are based on the approval of the shareholders obtained though postal ballot. There are
no other contracts with any other director.
No notice period or severance fee is payable to any director.
Salary, allowances and Performance Linked Incentive paid to Mr. Akhil Gupta as Joint Managing Director relates to the period prior to
relinquishment of his position as Joint Managing Director on August 1, 2008.
*Includes
Sitting
Fees
83
2 MDA & CGR 68-91.p65
83
7/21/2009, 9:23 PM
ESOP compensation committee

The ESOP compensation committee of the Board,
constituted in accordance with SEBI (Employee Stock
Option Scheme and Employee Stock Purchase Scheme)
Guidelines, 1999, comprises of six non-executive
members, four of whom are independent. The Chairman
of the Committee, Mr. Rajan Bharti Mittal is a nonexecutive director. The Company Secretary acts as the
secretary of the Committee. Group Director HR is the
permanent invitee.
Key responsibilities of the ESOP Compensation
committee
The key responsibilities of the ESOP compensation
committee include the following:
composition and the attendance of members at the

meetings held during the period are given below:
Member director
Category
Rajan Bharti Mittal (Chairman)

Paul OSullivan
Bashir Currimjee
Donald Cameron1
Kurt Hellstrom2
Mauro Sentinelli
Nikesh Arora3
Craig Ehrlich4
1.
2.
3.
To formulate ESOP plans and decide on future

grants;
To formulate terms and conditions on following
under the present Employee Stock Option Schemes
of the Company:
the quantum of option to be granted under ESOP

Scheme(s) per employee and in aggregate;
the conditions under which options vested in

employees may lapse in case of termination of
employment for misconduct;
the exercise period within which the employee

should exercise the option and that option would
lapse on failure to exercise the option within the
exercise period;
the specified time period within which the employee

shall exercise the vested options in the event of
termination or resignation of an employee;
the right of an employee to exercise all the options

vested in him at one time or at various points of
time within the exercise period;
the procedure for making a fair and reasonable

adjustment to the number of options and to the
exercise price in case of rights issues, bonus issues
and other corporate actions;
the grant, vest and exercise of option in case of

employees who are on long leave; and the procedure
for cashless exercise of options;
any other matter, which may be relevant for
administration of ESOP schemes from time to time.
To frame suitable policies and systems to ensure
that there is no violation of Securities and Exchange
Board of India (Insider Trading) Regulations, 1992
and Securities and Exchange Board of India
(Prohibition of Fraudulent and Unfair Trade Practices
relating to the Securities Market) Regulations, 1995.
Other key issues as may be referred by the Board.
Meetings, attendence and compostion of ESOP

compensation committee
During the financial year 2008-2009, the committee
met four times i.e. on April 24, 2008, July 23, 2008,
October 30, 2008 and January 21, 2009. The
2 MDA & CGR 68-91.p65
84
4.
Number of
meetings
attended
4
4
3
1
2
3
1
N.A.
Ceased to be a member of the committee w.e.f April 25,

2008;
Ceased to be a member of the committee w.e.f April 29,
2009
Appointed as member of the committee w.e .f October 30,
2008;
Appointed as member of the committee w.e.f April 29, 2009
Investors Grievance committee

In compliance with the Listing Agreement requirements
and provisions of the Companies Act, 1956, the
Company has constituted an Investor Grievance
Committee. The Committee comprises of four members.
Akhil Gupta, non-executive director is the Chairman of
the committee. The Company Secretary acts as a
Secretary to the Committee.
Key responsibilities of the investors grievance
committee
The key responsibilities of the Investors Grievance
committee include the following:
Formulation of procedures in line with the statutory

guidelines to ensure speedy disposal of various
requests received from shareholders from time to time;
Redressal of shareholders and investor complaints/

grievances e.g. transfer of shares, non-receipt of
balance sheet, non receipt of declared dividend, etc.;
Approve, register, refuse to register transfer /

transmission of shares and other securities;
Sub-divide, consolidate and / or replace any share

or other securities certificate(s) of the Company;
Issue duplicate share /other security(ies)

certificate(s) in lieu of the original share /
security(ies) certificate(s) of the Company;
Approve the transmission of shares or other

securities arising as a result of death of the sole/
any one joint shareholder;
Dematerialize or rematerialize the share certificates;
Further delegate all or any of the power to any

other employee(s), officer(s), representative(s),
consultant(s), professional(s), or agent(s)
The meetings of the Committee are generally held on

monthly basis, to review and ensure that all investor
grievances are redressed within a period of 7-10 days
from the date of receipt of complaint. These, however,
do not include complaints/requests, which are
constrained by legal impediments/procedural issues.
7/21/2009, 9:23 PM
Member director
Category
Number of
meetings
attended
Akhil Gupta (Chairman)

Manoj Kohli1
Rajan Bharti Mittal
Executive director
8
3
8
2
1. Appointed as member of the committee w.e.f October 30,

2008
Compliance Officer
Vijaya Sampath, Group General Counsel & Company
Secretary acts as Compliance Officer of the Company
for complying with the requirements of the Listing
Agreement with the Stock Exchanges and requirements
of SEBI (Prohibition of Insider Trading) Regulations, 1992.
Nature of complaints and redressal status
During the financial year 2008-2009, the complaints
received by the Company were general in nature, which
include issues relating to non-receipt of dividend
warrants, shares and annual reports, etc. As on date,
all these complaints/queries were resolved to the
satisfaction of investors. Details of the investors
complaints as on March 31, 2009 are as follows:
Type of complaint
Number Redressed Pending
Non-receipt of securities
Non-receipt of Annual Report
Nonreceipt of dividend/
dividend warrants
TOTAL
2
15
2
15
Nil
Nil
18
35
18
35
Nil
Nil
The table does not include the responses furnished by

the Company on clarifications sought by Stock Exchanges
from time to time on various markets related matters.
To redress investor grievances, the Company has a
dedicated e-mail ID, compliance.officer@bharti.in to
which investors may send complaints.
Other committees
In addition to the above committees, the Company has
also formed a functional committee called the
Committee of Directors. This committee has been
constituted to cater to the various day-to-day
requirements and to facilitate the seamless operations
of the Company. The Committee meets on a monthly
basis. The committes may also meet additionally if so
required. The constitution of this committee has been
duly approved by the Board. Minutes of meetings of
these committees are also placed before the Board on
quarterly basis.
Subsidiary companies
Clause 49 defines a material non-listed Indian
subsidiary as an unlisted subsidiary, incorporated in
India, whose turnover or net worth (i.e. paid-up capital
and free reserves) exceeds 20% of the consolidated

turnover or net worth respectively, of the listed holding
company and its subsidiaries in the immediately
preceding accounting year.
Bharti Infratel Limited is a material non-listed Indian
subsidiary as defined under Clause 49 of the Listing
Agreement. N Kumar, Independent non-executive
director of the Company has been nominated and
appointed by the Company as an independent nonexecutive director on the Board of Bharti Infratel Limited
w.e.f April 29, 2008, in compliance with the Clause
49(III)(i) of the Listing Agreement with the Stock
Exchanges.
GENERAL BODY MEETINGS
The last three Annual General Meetings were held as
under:
Financial
Year
Location
Date
[Time]
2007-08
Air Force Auditorium,

Subroto Park, New Delhi
August 01, 2008

[1530 Hrs. (IST)]
2006-07

July 19, 2007

[1530 Hrs. (IST)]
2005-06

August 21, 2006

[1530 Hrs. (IST)]
Special resolutions passed at the last three AGMs

No special resolutions were passed in the AGMs held
on August 21, 2006, July 19, 2007 and August 1,
2008.
Postal ballot and postal ballot process
During the previous year, we have passed one ordinary
resolution through postal ballot. Detailed procedure
followed by the Company is provided hereunder:
Person conducting the postal ballot exercise
Sunil Bharti Mittal, Chairman and Managing Director
and Vijaya Sampath, Group General Counsel & Company
Secretary were appointed as persons responsible for
the postal ballot voting process. Kiran Sharma,
Practicing Company Secretary was appointed as
scrutinizer for the postal ballot voting process. Ms.
Sharma conducted the process and submitted her report
to the Chairman and Managing Director.
Procedure followed
(i) The Company issued the postal ballot notice dated
August 5, 2008, for appointment of Mr. Manoj Kohli
as Joint Managing Director of the Company. The
draft resolution, together with the explanatory
statement and the postal ballot forms and selfaddressed envelopes were sent to the members
and others concerned under certificate of posting;
(ii) Members were advised to read carefully the
instructions printed on the postal ballot form and
return the duly completed form in the attached selfaddressed envelope, so as to reach the scrutinizer
on or before the close of business hours on
Wednesday, the September 24, 2008;
Meetings, attendance and composition of Investor

Grievance committee
During the financial year 2008-2009, the Committee
met eight times i.e. on April 25, 2008, May 30, 2008,
July 14, 2008, July 23, 2008, October 3, 2008,
November 10, 2008, January 29, 2009 and March 17,
2009. The composition and the attendance of members
at the meetings held during the financial year 200809, are given below:
85
2 MDA & CGR 68-91.p65
85
7/21/2009, 9:23 PM
(iii) After due scrutiny of all the postal ballot forms

received up to the close of the working hours on
September 24, 2008, Ms. Kiran Sharma, Practicing
Company Secretary (the Scrutinizer) submitted her
report on Friday, September 26, 2008 before the
close of business hours;
(iv) The results of the postal ballot were declared on
Saturday September 27, 2008. The date of
declaration of the results of the postal ballot was
taken as the date of passing of the ordinary
resolution.
(v) The results of the postal ballot were published in
the newspapers, Mint (English) and Hindustan
(Hindi) within 48 hours of the declaration of the
results and were also placed at the website of the
Company at www.airtel.in
Details of voting pattern
After scrutinizing all the ballot forms received, the
scrutinizer reported as under:
Further for the financial year ended March 31, 2009

there were no material individual transactions with
related parties or others, which were not on an arms
length basis.
The related party transactions have been disclosed under
Note 20 of Schedule 22 forming part of the Annual
Accounts.
Disclosure on Risk Management
The Company has established an Enterprise wide risk
management (ERM) framework to optimally identify
and manage risks as well as to address operational,
strategic and regulatory risks. This is in compliance with
clause 49 of the Listing Agreement. In line with the
Companys commitment to deliver sustainable value,
this framework aims to provide an integrated and
organized approach for evaluating and managing risks.
The output of the Risk Assessment also forms the basis
of the Companys Annual Internal Audit programme.
Date of declaration
of results
27.09.2008
The Board is informed about the key risks and

minimization procedures from time to time. Business
risk evaluation and management is an ongoing process
within the Company.
Particulars of the
resolutions passed
Appointment of Manoj Kohli

as Joint Managing Director of
the Company
Details of non-compliance with regard to the capital

market
Total valid votes
1,468,765,257 (100%)
Votes in favour(%)
1,468,756,933 (99.9996%)
Votes against(%)
5,462 (0.0004%)
Proposed Resolutions to be passed through Postal Ballot

Process
The Board of directors in their meeting held on April
29, 2009 have approved the postal ballot notice to
obtain the assent or dissent of the shareholders to pass
the following ordinary/special resolutions:
Ordinary Resolution for sub-division of equity shares

of Rs. 10 each into two equity shares of Rs. 5
each and amendment in Memorandum of
Association;
Special Resolution for amendment in Articles of

Association;
Special Resolution for payment of commission to

independent non-executive directors.
DISCLOSURES
Disclosure on materially significant related party
transactions
The required statements/disclosures with respect to the
related party transactions, are placed before the audit
committee as well as to the Board of directors, on a
quarterly basis in terms of Clause 49(IV)(A) and other
applicable laws for approval.
The Companys major related party transactions are
generally with its subsidiaries and associates. The
related party transactions are entered into based on
consideration of various business exigencies such as
synergy in operations, sectoral specialization, liquidity
and capital resource of subsidiary and associates.
2 MDA & CGR 68-91.p65
86
There have been no instances of non-compliances by

us and no penalties and/or strictures have been imposed
on us by stock exchanges or SEBI or any statutory
authority on any matter related to the capital markets
during the last three years.
CEO and CFO certification
The certificate required under Clause 49(V) of the Listing
Agreement duly signed by the CEO and CFO was placed
before the Board and the same is provided as annexure
A to this report.
Compliance with the mandatory requirements of Clause
49 of the Listing Agreement
We have complied with all the mandatory requirements
of the code of corporate governance as stipulated under
the Listing Agreement. We have obtained a certificate
affirming the compliances from S.R. Batliboi &
Associates, Chartered Accountants, the statutory
auditors of the Company and the same is attached to
the Directors report.
Adoption of non-mandatory requirements of Clause 49
of the Listing Agreement
The Company had adopted the following non-mandatory
requirements of Clause 49 of the Listing Agreement:
Remuneration committee
We have an HR committee of the Board of directors
which also undertakes the functions of remuneration
committee. A detailed note on the HR
(remuneration) committee has been provided in the
Board committees section of this report.
Shareholders Rights and Auditors Qualification

The Company has a policy of announcement of the
audited quarterly results. The results approved by
7/21/2009, 9:23 PM
the Board of directors (or committee thereof) are

first submitted to the Stock Exchanges within 15
minutes of the approval of the results. Once taken
on record by the Board of directors, we disseminate
the results to the media by way of press release.
Appropriate management explanations to the
auditors observation made in their report have been
provided in the directors reports.
In addition, discussion with the management team
is webcast and also aired in the electronic media.
On the day of announcement of our quarterly
results, an Earnings Call is organised where the
investors/analysts interact with the management
and the management respond to the queries of the
investors/analysts. The Earnings Calls are webcast
live and transcripts are posted on the website.
Compliance with the ICSI Secretarial Standards

The Company has substantially complied with the
Secretarial Standards as laid down by the Institute
of Company Secretaries of India.
14th Annual General Meeting

Date :
Day :
Time :
Venue :
August 21, 2009

Friday
3.30 p.m.
Subroto Park,
New Delhi 110 010
Ombudsman Policy
We have adopted an Ombudsman Policy (includes
Whistle Blower Policy), which outlines the method
and process for stakeholders to voice genuine
concerns about unethical conduct that may be in
breach of the Code of Conduct for employees. The
policy aims to ensure that genuine complainants
can raise their concerns in full confidence, without
any fear of retaliation or victimization. The
Ombudsman administers a formal process to review
and investigate any concerns raised, and undertakes
all appropriate actions required to resolve the
reported matter. Instances of serious misconduct
dealt with by the Ombudsman are reported to the
Audit Committee. No employee of the Company
has been denied access to Ombudsman.
GENERAL SHAREHOLDERS INFORMATION
Financial Calendar (Tentative Schedule, subject to

change)
Financial year
Results for the quarter ending

June 30, 2009
: 23rd July 2009, Thursday
September 30, 2009 : October 30, 2009, Friday
December 31, 2009 : January 22, 2010, Friday
March 31, 2010
April 28, 2010, Wednesday
Book Closure
: Friday, July 31, 2009 Friday,

August 21, 2009 (Both days
inclusive)
Dividend
: Rs. 2/- per share (i.e. 20% on

the face value of the shares)
Dividend pay-out date : On or after August 21, 2009

(within the statutory time limit
of 30 days), subject to the
approval of the shareholders
Plant Locations
Memorandum and Articles of Associations

The updated Memorandum and Articles of
Association of the Company is uploaded on the
website of the Company in the Investor Relations
section
MEANS OF COMMUNICATION
The quarterly audited results are published in prominent
daily newspapers, viz. Mint (English daily) and Hindustan
(vernacular newspaper) and are also posted on our
website. At the end of each quarter we organize an
earnings call with analysts and investors, which is also
broadcast live on the Companys website, and the
transcript is posted on the website soon after. Any
specific presentation made to the analysts/others is also
posted on the website.
Up-to-date financial results, annual reports, shareholding
patterns, official news releases, financial analysis
reports, latest presentation made to the institutional
investors and other general information about the
Company are available on the Companys website
www.airtel.in.
: April 1 to March 31
: Being a service provider

company, Bharti Airtel has no
plant locations. However, Circle
Office addresses of the
Company are provided at the
end of the Annual Report at
page no. 192.
Equity shares listing, stock code and listing fee payment

Name and address of
the stock exchange
Scrip code
Status of fee paid
National Stock Exchange

of India Limited
BHARTIARTL Paid as applicable
Exchange Plaza
Bandra-Kurla Complex
Bandra East
Mumbai-400051
The Bombay Stock
Exchange Limited
532454
Phiroze Jeejeebhoy Towers
Dalal Street,
Mumbai - 400001
Paid as applicable
The Company de-listed its shares from the Delhi Stock

Exchange Association Limited (Regional) during the
financial year 2003-04.
Since the time of listing of shares, we have adopted a

practice of releasing a quarterly report, which contains
financial and operating highlights, key industry and
Company developments, results of operations, stock
market highlights, non-GAAP information, ratio analysis,
summarized US GAAP financial statements, etc. The
quarterly reports are posted on our website and are
also submitted to the stock exchanges where the shares
of the Company are listed.
87
2 MDA & CGR 68-91.p65
87
7/21/2009, 9:23 PM
Share Transfer System

84.28% of the equity shares of the Company are in
electronic format. Transfer of these shares is done
through the depositories without any involvement of
the Company.
Transfers of shares in physical form are normally
processed within 15 days from the date of receipt,
provided the documents are complete in all respects.
All transfers are first processed by the Transfer Agent
and are submitted to the Company for approval
thereafter. The authorised officials of the Company

approve the transfer and the shares are returned to the
shareholders.
Pursuant to Clause 47(c) of the Listing Agreement, we
obtain certificates from a Practicing Company Secretary
on half-yearly basis to the effect that all the transfers
are completed in the statutorily stipulated period. A
copy of the certificate so received is submitted to both
stock exchanges where the shares of the Company are
listed.
Stock market data for the period April 1, 2008 to March 31, 2009
Share price performance in comparison with NSE Nifty and BSE Sensex
High
NSE
Low
Volume (Nos)
High
BSE
Low
Volume (Nos)
950.00
979.80
887.50
861.95
886.90
848.70
819.00
748.00
758.00
725.00
679.00
637.50
778.30
798.00
716.00
672.55
770.60
651.00
483.00
576.50
622.00
553.35
607.05
541.10
62509786
84104191
80546420
104531315
50713694
102175691
117788229
88599107
77947815
96192284
53556330
113553937
950.00
919.90
888.00
861.00
886.30
839.75
806.00
740.15
756.50
725.00
678.40
637.00
777.10
798.00
717.20
688.00
777.10
700.00
484.00
575.95
630.00
576.00
607.00
544.00
12254601
16005821
14372462
18959653
19525028
30429344
22004868
17626963
15033006
16582311
7365066
17390291
Month
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Source: www.nseindia.com
Source: www.bseindia.com
Bharti Share Price Vs NSE Nifty
Bharti Share Price Vs BSE Sensex
Distribution of shareholding
By number of shares held as on March 31, 2009
Sl.no.
1
2
3
4
5
6
7
8
2 MDA & CGR 68-91.p65
Category
No. of shareholders
% to holders
No. of shares
% of shares
1 5000
5001 10000
10001 20000
20001 30000
30001 40000
40001 50000
50001 100000
100001 above
188306
2575
1130
409
227
178
332
1397
96.79%
1.32%
0.58%
0.21%
0.12%
0.09%
0.17%
0.72%
9048715
2021765
1676512
1029762
804813
815326
2419568
1880423335
0.48%
0.11%
0.09%
0.05%
0.04%
0.04%
0.13%
99.06%
TOTAL
194554
100%
1898239796
100%
88
7/21/2009, 9:23 PM
By category of holders as on March 31, 2009

S. No.
Category
Promoter and promoter group

(i)
Indian promoters
(ii) Foreign promoters
Total promoters shareholding
II
Public shareholding
(A) Institutional investors
(i)
Mutual Funds and Unit Trust of India
(ii) Financial institutions and Banks
(iii) Insurance companies
(iv) Foreign Institutional Investors
(B) Others
(i)
Bodies Corporate (Indian)
(ii) Bodies Corporate (foreign)
(iii) Trusts
(iv) NRIs/ OCBs / Foreign Nationals
(v) Indian Public & Others
Total Public Shareholding
Total Shareholding
No. of shares
%age of holding
859986028
414744373
1274730401
45.30
21.85
67.15
58314959
1804558
80072674
393238153
3.07
0.10
4.22
20.72
54786447
4459591
2108312
6455606
22269095
623509395
1898239796
2.89
0.23
0.11
0.34
1.17
32.85
100.00
The equity shares of the Company are frequently traded

at the Bombay Stock Exchange Limited and the National
Stock Exchange of India Limited.
Dematerlization of shares and liquidity

The Companys shares are compulsorily traded in
dematerialised form and are available for trading with
both the depositories i.e. National Securities Depository
Limited (NSDL) and Central Depository Services (India)
Limited (CDSL). The shareholders can hold our shares
with any of the depository participants registered with
these depositories. As on March 31, 2009, over 84.28%
shares of the Company were held in dematerialized form.
ISIN for the Companys shares is INE 397D01016.
During the year 2004-05, the Company issued USD

115,000,000 zero coupon convertible bonds (Bonds),
due in 2009. The Bonds were convertible at any time
after June 12, 2004 up to April 12, 2009 by the holders
into fully paid equity shares of Rs. 10/- per share, at an
initial conversion price of Rs. 233.17 per share. During
the year, we received one notice from a bondholder for
conversion of FCCBs aggregating to USD 0.5 mn
convertible into 93,408 equity shares of the Company.
On March 31, 2009 the Company had USD 0.4 mn
outstanding FCCB, which were convertible into 74,754
equity shares. In April 2009, the company has further
received a notice for conversion of FCCBs of
USD 350,000 into 65,385 equity shares. The balance
FCCBs worth USD 50,000 will be redeemed at
111.84% of their principal amount after completion of
statutory formalities.
Outstanding GDRs/ADRs/warrants/options
89
2 MDA & CGR 68-91.p65
89
7/21/2009, 9:23 PM
Communication addresses
For corporate governance and other secretarial related
matters
Vijaya Sampath
Group General Counsel and Company Secretary
Bharti Airtel Limited
Aravali Crescent,
1, Nelson Mandela Road,
Vasant Kunj, Phase - II
New Delhi 110 070
Telephone no.
+91 11 46666100
Fax no.
+91 11 46666137
Email: compliance.officer@bharti.in
For queries relating to Financial Statements
Harjeet Kohli
Corporate Head - Treasury & Investor Relations
Aravali Crescent,
Vasant Kunj, Phase - II,
New Delhi 110 070
Telephone no.
+91 11 46666100
Fax no.
+91 11 46666137
Email: ir@bharti.in
2 MDA & CGR 68-91.p65
90
For Corporate Communication related matters

Senjam Raj Sekhar
Vice President-Corporate Communication
Unitech World Cyber Park
Tower - A, 4th Floor,
Sector - 39, Gurgaon -122 001
Telephone no.:
+91 124 4552222
Fax no.:
+91 124 455 2233
Email: corporate.communication@bharti.in
Registrar & Transfer Agent
Karvy Computershare Pvt. Ltd.
Plot No. 17-24, Vittalrao Nagar
Madhapur
Hyderabad 500 081
Ph No. 040-23420815-821
Fax No. 040-23420814
E-mail id: einward.ris@karvy.com
Website www.karvy.com
Toll Free No. 1-800-3454001
7/21/2009, 9:23 PM
Annexures
Annexure A
Chief Executive Officer (CEO)/Chief Financial Officer (CFO) Certification
We, Manoj Kohli, CEO & Joint Managing Director and
Srikanth Balachandran, Chief Financial Officer of Bharti
Airtel Limited, to the best of our knowledge and belief
hereby certify that:
the design and operations of such internal controls,

if any, of which we are aware and the steps we
have taken or propose to take to rectify these
deficiencies.
(a) We have reviewed financial statements and the cash

flow statements for the year ended 31st March 2009
and:
(d) We have indicated to the auditors and the audit

committee:
(i) these statements do not contain any materially

untrue statement or omit any material fact or
contain statements that might be misleading;
(ii) these statements together present a true and
fair view of the companys affairs and are in
compliance with existing accounting standards,
applicable laws and regulations.
(b) There are no transactions entered into by the
Company during the year that are fraudulent, illegal
or violative of the Companys code of conduct.
(c) We accept responsibility for establishing and
maintaining internal controls for financial reporting
and that we have evaluated the effectiveness of
internal control systems of the Company pertaining
to financial reporting and we have disclosed to the
auditors and the Audit Committee, deficiencies in
(i) Significant changes in the internal control over

financial reporting during the year;
(ii) Significant changes in the accounting policies
during the year and that the same has been
disclosed in the notes to the financial
statements; and
(iii) Instances of significant fraud of which we have
become aware and the involvement therein, if
any, of the management or an employee having
a significant role in the companys internal
control system over financial reporting.
Manoj Kohli
Srikanth Balachander
CFO
Place : New Delhi
Annexure B
Declaration
For Bharti Airtel Limited

Place : New Delhi
Manoj Kohli
I hereby confirm that the Company has obtained from all the members of the Board and Senior Management team,
affirmation of compliance with the Code of Conduct for Directors and Senior Management in respect of financial year
ended March 31, 2009
91
2 MDA & CGR 68-91.p65
91
7/21/2009, 9:23 PM
Secretarial audit report
15
The Board of directors,

Bharti Airtel Limited,
Aravali Crescent,
Vasant Kunj, Phase II,
New Delhi 110 070, India.
I have examined the registers, records and documents
of Bharti Airtel Limted (the Company) for the financial
year ended 31st March 2009 in the light of the provisions
contained in
1.
Maintenance of various statutory and nonstatutory registers and documents and making
necessary changes therein as and when the
occasion demands.
2.
Filing with the Registrar of Companies the

forms, returns and resolutions.
3.
Service of the requisite documents by the

Company on its members, Registrar and Stock
Exchanges.
The Companies Act, 1956 and the Rules made

thereunder.
4.
Composition of the Board, appointment,

retirement and resignation of directors.
The Depositories Act, 1996 and the Rules made

thereunder and the bye-laws of the Depositories who
have been given the requisite Certificate of
Registration under the Securities and Exchange
Board of India Act, 1992.
5.
Remuneration of executive and independent

directors.
6.
Obtaining the approvals for various acts of the

Company.
7.
Service of notice and agenda of board meetings

and meetings of the committee of directors.
8.
Meetings of the Board and its committees
9.
Holding of annual general meeting and

production of the various registers thereat.
The Securities Contracts (Regulation) Act, 1956 and

the Rules made thereunder.
The Securities and Exchange Board of India Act,

1992 and the Rules, Guidelines and Regulations
made thereunder including:
The Securities and Exchange Board of India

(Substantial Acquisition of Shares and Takeovers)
Regulations, 1997.
10. Recording the minutes of proceedings of board

meetings, committee meeting and of the annual
general meeting.

(Prohibition of Insider Trading Regulations), 1999,
and
11. Appointment, change in the appointment and

remuneration of Auditors.

(Employee Stock Option Scheme and Employee
Stock Purchase Scheme) Guidelines, 1999.
The listing agreement with the National Stock

Exchange and with the Bombay Stock Exchange.
A. Based on my examination and verification of the

aforementioned records made available to me and
according to the clarifications and explanations given
to me by the Company, I report that the Company
has, in my opinion, complied with the provisions of
the Companies Act, 1956 and the Rules made
thereunder and of the various Acts detailed above
and the Rules, Regulations and Guidelines made
thereunder and of the Memorandum and Articles of
Association of the Company, with regard to:
3 Secretarial Audit Report 92-93.p65
92
12. Registration of transfer of shares held in

physical mode.
13. Dematerialisation and rematerialisation of
shares.
14. Investment of companys surplus funds.
15. Execution of contracts, affixation of common
seal, registered office and the name of the
Company.
16. Conferment of options and allotment of shares
under the Employees Stock Option Scheme of
the Company.
17. Requirements of the Securities and Exchange
Board of India (Substantial Acquisition of Shares
and Takeovers) Regulations 1997.
7/21/2009, 9:23 PM
18. Requirements set out in the listing agreement

with the aforementioned stock exchanges.
19. Generally with regard to other requirements
spelt out in the aforementioned Acts and Rules,
Regulations and Guidelines made thereunder.
(ii)
there was no prosecution initiated against or

show cause notice received by the Company
and no fine or penalties were imposed on the
Company under the aforementioned Acts,
Rules, Regulations and Guidelines made
thereunder or on its directors and officers.
B I further report that

the directors of the Company have complied
with the various requirements relating to
making of disclosures, declarations in regard
to their other directorships, membership of
committees of the board of companies of
which they are directors, their shareholding
and interest or concern in the contracts entered
into by the Company in the pursuing its normal
business, and
T.V. Narayanaswamy
Place : New Delhi
Practicing Company Secretary
Date : April 20, 2009 Certificate of Practice No. 203
(i)
93
3 Secretarial Audit Report 92-93.p65
93
7/22/2009, 8:14 PM
16
Standalone Financial Statements with

Auditors Report
Auditors Report to The Members of Bharti Airtel Limited
1. We have audited the attached Balance Sheet of
Bharti Airtel Limited (the Company) as at March
31, 2009 and also the Profit and Loss account and
the Cash Flow Statement for the year ended on
that date annexed thereto. These financial
statements are the responsibility of the Companys
management. Our responsibility is to express an
opinion on these financial statements based on our
audit.
2. We conducted our audit in accordance with auditing
standards generally accepted in India. Those
Standards require that we plan and perform the audit
to obtain reasonable assurance about whether the
financial statements are free of material
misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also
includes assessing the accounting principles used
and significant estimates made by management, as
well as evaluating the overall financial statement
presentation. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Companies (Auditors Report)
Order, 2003 (as amended) issued by the Central
Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we
enclose in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred
to above, we report that:
i.
We have obtained all the information and

explanations, which to the best of our knowledge
and belief were necessary for the purposes of
our audit;
ii. In our opinion, proper books of account as

required by law have been kept by the Company
so far as appears from our examination of those
books;
iii. The balance sheet, profit and loss account and
cash flow statement dealt with by this report
are in agreement with the books of account;
4 Auditor Report 94-97.p65
94
iv. In our opinion, the balance sheet, profit and loss

account and cash flow statement dealt with by
this report comply with the accounting standards
referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
v. On the basis of the written representations
received from the directors, as on March 31,
2009, and taken on record by the Board of
Directors, we report that none of the directors
is disqualified as on March 31, 2009 from being
appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies
Act, 1956.
vi. In our opinion and to the best of our information
and according to the explanations given to us,
the said accounts give the information required
by the Companies Act, 1956, in the manner so
required and give a true and fair view in
conformity with the accounting principles
generally accepted in India;
a) in the case of the balance sheet, of the state
of affairs of the Company as at March 31,
2009;
b) in the case of the profit and loss account, of
the profit for the year ended on that date;
and
c) in the case of the cash flow statement, of
the cash flows for the year ended on that
date.

Partner
Membership No.: 93283
Place :
Date :
New Delhi
April 29, 2009
7/21/2009, 9:23 PM
Re: BHARTI AIRTEL LIMITED

(i)
(ii)
(a)
The Company has maintained proper records

showing full particulars, including quantitative
details and situation of fixed assets.
and services. Further, on the basis of our

examination of the books and records of the
Company, and according to the information and
explanations given to us, we have neither come
across nor have been informed of any continuing
failure to correct major weaknesses in the aforesaid
internal control system.
(b) The capitalised fixed assets are physically

verified by the management according to a
regular programme designed to cover all the
items over a period of three years. During the
year, the management had also designed a
plan to physically verify capital work in
progress. Pursuant to the above, a portion of
fixed assets and capital work in progress has
been physically verified by the management
during the year, which in our opinion is
reasonable having regard to the size of the
company and nature of its assets. As
informed, no material discrepancies were
noticed on such verification.
(v) According to the information and explanations

provided by the management, there are no
transactions pursuant to contracts or arrangements
referred to in section 301 that are required to be
entered in the register maintained under section
301 of the Companies Act, 1956.
(c)
There was no substantial disposal of fixed

assets during the year.
(a)
The inventory (other than stocks with third

parties) has been physically verified by the
management during the year. In our opinion,
the frequency of verification is reasonable.
(viii) We have broadly reviewed the books of accounts

maintained by Company pursuant to the rules made
by the Central Government for the maintenance
of cost records under section 209(1) (d) of the
Companies Act, 1956, and are of the opinion that
prima facie, the prescribed accounts and records
have been made and maintained. We have not,
however, made a detailed examination of records
with a view to determine whether they are accurate
or complete.
(b) The procedures of physical verification of

inventory followed by the management are
reasonable and adequate in relation to the size
of the Company and the nature of its business.
(c)
The Company is maintaining proper records

of inventory and no material discrepancies
were noticed on physical verification.
(iii) The Company has neither granted nor taken any

loans, secured or unsecured, to companies, firms
or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
Accordingly, clauses (iii) of the Companies
(Auditors Report) Order, 2003, as amended by
the Companies (Auditors Report) (Amendment)
Order, 2004 are not applicable to the Company
for the current year.
(iv) In our opinion and according to the information
and explanations given to us, having regard to the
explanation that certain items purchased are of
special nature for which suitable alternative sources
do not exist for obtaining comparative quotations,
there is an adequate internal control system
commensurate with the size of the Company and
the nature of its business for the purchase of
inventory, fixed assets and for the sale of goods
(vi) The Company has not accepted any deposits from

the public within the meaning of Sections 58A and
58AA of the Companies Act, 1956 and the rules
framed there under.
(vii) In our opinion, the Company has an internal audit
system commensurate with the size and nature of
its business.
(ix) (a) The Company is generally regular in depositing

with appropriate authorities undisputed
statutory dues including provident fund,
investor education and protection fund,
employees state insurance, income-tax, salestax, wealth-tax, service tax, customs duty,
cess and other material statutory dues
applicable to it though there has been delays
in few cases. The provisions relating to excise
duty is not applicable to the Company.
(b) According to the information and explanations
given to us, no undisputed amounts payable
in respect of provident fund, employees state
insurance, income-tax, wealth-tax, service
tax, sales-tax, customs duty, cess and other
undisputed statutory dues were outstanding,
at the year end, for a period of more than six
months from the date they became payable.
(c) According to the records of the Company, the
dues outstanding of income-tax, sales-tax,
wealth-tax, service tax, customs duty and
cess on account of any dispute, are as follows
(also refer Note 3(b) on Schedule 21):
Annexure referred to in paragraph 3 of our report of

even date
95
95
7/21/2009, 9:23 PM
Name of the Statutes
Nature of
the dues
Andhra Pradesh VAT Act

Gujrat Sales Tax Act
West Bengal Sales Tax Act
West Bengal Value Added Tax
The Central Sales Tax Act
UP VAT Act
Central Sales Tax Act
UP VAT Act
Sales Tax
Sales Tax
Sales Tax
Sales Tax
Sales Tax
Sales Tax
Sales Tax
Sales Tax
Sales Tax
Sales Tax
Sales Tax
Sales Tax
UP VAT Act
Sales Tax
7,600
2005-08
2000-02
2006-07
1996-97
1997-98
2006-07
2004-05
2005-06
2005-06
2002-09
2003-05
2003-04 &
2006-07
2006-07
UP VAT Act
Sales Tax
33
2008-09
Haryana Sales tax

Punjab Sales Tax Act
Madhya Pradesh Commercial
Sales Tax Act
Sales Tax
Sales Tax
2,797
611
2002-04
2002-03
Sales Tax
21,720
UP VAT Act
Karnataka Sales Tax Act
Tamil Nadu Sales Tax Act
J&K General Sales Tax
Sales Tax
Sales Tax
Sales Tax
Sales Tax
1,125
290,920
634,279 *
8,433
1997-01 &
2003-05
2002-05
2005-06
1996-01
2005-06
Sub Total (A)

Finance Act,1994
(Service Tax Provisions)
Finance Act,1994
Finance Act,1994
Finance Act,1994
Finance Act,1994
Finance Act,1994
Finance Act,1994
Finance Act,1994
Finance Act,1994
Finance Act,1994
Finance Act,1994
Finance Act,1994
Sub Total (B)
Amount
Disputed
(in Rs 000)
2,359,596
228,064 *
928
402
14
928 *
48,268
324,846
203
12,178
35,836
505
Service Tax
3,979,286
371,032
Service Tax
Period to
Which it
Relates
Forum where the dispute

is pending
High Court of Andhra Pradesh
Deputy Commissioner Appeals
Commissioner (Appeals)
DCCT - Appellate Stage
The Appelate Authority
West Bengal Tax Tribunal
DCCT Appeal
DCCT Appeal
Assessing Officer
Joint Commissioner Appeals
High Court of Judicature at
Allahabad, Lucknow Bench
Assisstant Commissioner
of Sales tax
Joint commissioner
Jt. Director (Enforcement)
Assistant Commissioner
JC Appeals
Jammu and Kashmir
Appellate Authority
62,125
1997-01 &
2002-08
2002-06
Customs, Excise and

Service Tax Appelate Tribunal
Commissioner Appeals
Service Tax
445
2004-06
Deputy Commisioner Appeals
Service Tax
231,021
Service Tax
3,449
2000-01 &
2005-08
2006-07
Service Tax
1,654,990 *
Service Tax
8,913
Service Tax
195,585 *
1997-99 &
2002-09
2003-04
Service Tax
532
2002-03 &
2006-07
1996-00
Service Tax
966
1995-96
Service Tax
1,166
2004-05
Service Tax
3,657
2007-2008
Suprintendent of Mohali
Joint Commissioner of
Central Excise
Commissioner Appeals
High Court
Customs, Excise and Service Tax
Appelate Tribunal, Mumbai
Additional Commissioner
Assistant Commissioner of
Service Tax
Joint Commissioner, Service Tax
2,533,881
96
7/21/2009, 9:23 PM
Income Tax Act, 1961
Income Tax
2,454,836
2003-2009
Income Tax
100,313
1996-1997 &
2002-2004
Income Tax
108,055
1996-97 &
1999-02 &
2006-07
Income Tax
Appelate Tribunal
2001-04 &
2005-06
2007-08

Commissioner of
Customs (Appeals)
Sub Total (C)
Commissioner of
Income Tax (Appeals)
High Court
2,663,204
Customs Act, 1962
Custom Act
2,095,298
Customs Act, 1962
Custom Act
103,050
Sub Total (D)
2,198,348
*The Company has deposited total amount of Rs. 1,207,425 thousand in respect of such cases.
The Company has no accumulated losses at the

end of the financial year and it has not incurred
cash losses in the current and immediately
preceding financial years.
(xi)
Based on our audit procedures and as per the

information and explanations given by the
management, we are of the opinion that the
Company has not defaulted in repayment of dues
to a financial institution, bank or debenture
holders.
(xii)
According to the information and explanations

given to us and based on the documents and
records produced to us, the Company has not
granted loans and advances on the basis of
security by way of pledge of shares, debentures
and other securities.
(xiii) In our opinion, the Company is not a chit fund or

a nidhi / mutual benefit fund / society. Therefore,
the provisions of clause 4(xiii) of the Companies
(Auditors Report) Order, 2003 (as amended) are
not applicable to the Company.
(xiv) In our opinion, the Company is not dealing in or
trading in shares, securities, debentures and other
investments. Accordingly, the provisions of clause
4(xiv) of the Companies (Auditors Report) Order,
2003 (as amended) are not applicable to the
Company.
(xv)
According to the information and explanations

given to us, the Company has given guarantee
for loans taken by others from banks and financial
institutions, the terms and conditions whereof in
our opinion are not prima-facie prejudicial to the
interest of the Company.
(xvi) Based on information and explanations given

to us by the management, term loans were
applied for the purpose for which the loans were
obtained.
(xvii) According to the information and explanations

given to us and on overall examination of the
balance sheet of the Company, funds amounting
to Rs. 32,149,875 thousand raised on short-term
basis (primarily represented by capital creditors)
have been used for long-term investment
(primarily represented by fixed assets).
(xviii) The Company has not made any preferential
allotment of shares to parties or companies
covered in the register maintained under section
301 of the Companies Act, 1956.
(xix) The Company has created security or charge in
respect of debentures outstanding at the year
end.
(xx)
The Company has not raised any money by public

issues during the year.
(xxi) According to the information and explanations

furnished by the management, which have been
relied upon by us, there were no frauds on or by
the Company noticed or reported during the
course of our audit except few cases of fraud by
employees estimated at Rs. 13,095 thousand and
by external parties Rs. 150,516 thousand
detected by the management for which
appropriate steps were taken to strengthen
controls and Rs. 6,100 thousand, out of such
estimated amounts, has been recovered by the
Company during the year.
Partner
Membership No.93283
Place : New Delhi
(x)
97
97
7/21/2009, 9:23 PM
Balance Sheet as at March 31, 2009

Particulars
Schedule
No.
As at
March 31, 2009
(Rs. 000)
As at
March 31, 2008
(Rs. 000)
18,982,398
2,933
18,979,074
12,318
SOURCES OF FUNDS
Shareholders Funds
Share Capital
Share Application Money Pending Allotment
Employee Stock Options Outstanding
Less: Deferred Stock Compensation
(Refer Note 21 on Schedule 21 and
Note 27 on Schedule 22)
Reserves and Surplus
256,295,074
182,859,525
Loan Funds
Secured Loans
Unsecured Loans
3
4
517,304
76,619,167
524,244
65,179,172
638,684
353,576,115
268,757,034
372,667,023
122,533,438
281,156,516
90,850,041
250,133,585
25,666,693
190,306,475
27,510,788
275,800,278
117,777,582
3,271,103
217,817,263
109,528,528
-
7
8
9
10
11
621,510
25,500,488
22,516,027
1,197,127
44,414,947
568,607
27,764,572
5,029,390
997,269
28,238,823
94,250,099
62,598,661
131,179,816
6,344,004
119,090,690
2,098,762
137,523,820
(43,273,721)
121,189,452
(58,590,791)
873
2,034
353,576,115
268,757,034
1
1,983,331
824,092
Deferred Tax Liability (Net)

Total
1,159,239
1,251,370
687,353
564,017
APPLICATION OF FUNDS
Fixed Assets
Gross Block
Less: Accumulated Depreciation/Amortisation
Net Block
Capital Work in Progress
Investments
Deferred Tax Asset (Net)
Current Assets , Loans and Advances
Inventory
Sundry Debtors
Cash and Bank Balances
Other Current Assets
Loans and Advances
Less: Current Liabilities and Provisions
Current Liabilities
Provisions
Net Current Assets
Miscellaneous Expenditure
(To the extent not written off or adjusted)
12
13
Total
Statement of Significant Accounting Policies
Notes to the Financial Statements
As per our report of even date
Partner
Membership No: 93283
Place : New Delhi
5 Airtel main 98-148.p65
98
21
22
The Schedules referred to above and Notes to the Financial Statements
form an integral part of the Balance Sheet
For and on behalf of the Board of Directors of Bharti Airtel Limited
Sunil Bharti Mittal
Chief Financial Officer
Manoj Kohli
Vijaya Sampath
7/21/2009, 9:23 PM
Profit and Loss Account

for the year ended March 31, 2009
Particulars
Schedule
No.
For the year ended

March 31, 2009
(Rs. 000)
For the year ended

March 31, 2008
(Rs. 000)
339,995,752
147,150
340,142,902
256,647,513
387,583
257,035,096
52,034,149
63,268,921
124,051
14,336,407
21,763,991
20,875,328
172,402,847
40,385,333
33,004,746
338,502
13,341,852
17,849,080
19,429,499
124,349,012
167,740,055
35,821,761
132,686,084
25,838,212
131,918,294
1,407,368
17,639,842
32,062,839
1,788,151
106,847,872
2,358,581
4,837,080
31,665,825
2,660,709
219,463
317,416
INCOME
EXPENDITURE
Access Charges
Network Operating
Cost of Goods Sold
Personnel
Sales and Marketing
Administrative and Other
Total Expenditure
Profit before Licence Fee, Other Income,
Finance Expense (Net), Depreciation, Amortisation,
Charity and Donation and Taxation
Licence fee and Spectrum charges (revenue share)
Profit before Other Income, Finance Expense (Net),
Depreciation, Amortisation, Charity and Donation
and Taxation
Other Income
Finance Expense (net)
Depreciation
Amortisation
Charity and Donation [(Rs. Nil (March 31, 2008
Rs. 200,000 thousand paid to Bharti Electoral
Trust for political purposes)]
Loss on Transfer of Telecom Infrastructure to
Bharti Infratel Ltd (Refer Note 2(b) on Schedule 22)
Less : Amount withdrawn from Reserve for Business
Restructuring (Refer Note 2(b) on Schedule 22)
Profit before Tax
MAT credit
Includes MAT credit of Rs. 1,093,362 thousand for
earlier year (March 31, 2008 Rs. 241,767 thousand)
Tax Expense
- Current Tax
Includes Tax of Rs. Nil thousand for earlier years
(March 31, 2008 Rs. 959,169 thousand)
- Deferred Tax
(Refer Note 13 on Schedule 21 and Note 26
on Schedule 22)
- Fringe Benefit Tax
Profit after Tax
Transferred from Debenture Redemption Reserve
Transferred to General Reserve
Proposed Dividend on Equity Shares
Tax on Dividend
Profit brought forward
Profit carried to Balance Sheet
Earnings per share (in Rs.) - Basic
Earnings per share (in Rs.) - Diluted
(Refer Note 18 on Schedule 21 and Note 28 on
Schedule 22)

Partner
Place : New Delhi
14
15
16
17
18
19
20
57,396,005
- (57,396,005)
81,615,367
(1,396,304)
69,725,423
(241,767)
9,173,614
8,835,340
(3,959,059)
(1,682,365)
358,731
77,438,385
4,411
6,000,000
3,796,480
645,212
67,001,104
117,972,158
184,973,262
40.80
40.79
372,293
62,441,922
413,623
62,855,545
55,339,252
118,194,797
32.91
32.87
21
22
The Schedules referred to above and Notes to the Financial Statements
form an integral part of the Profit & Loss Account
Sunil Bharti Mittal
Manoj Kohli
Vijaya Sampath
Service Revenue
Sale of Goods
99
99
7/21/2009, 9:23 PM
Cash Flow Statement

Particulars
For the year ended

March 31, 2009
(Rs. 000)
For the year ended

March 31, 2008
(Rs. 000)
81,615,367
69,725,423
32,062,839
4,275,619
(1,489,138)
(38,899)
(2,354,840)
648,318
2,146,723
367,076
1,141,184
756,695
2,684,358
31,665,825
3,832,356
(662,988)
32,075
(577,505)
331,094
1,700,958
(114,870)
1,195,725
1,958,584
1,172,833
(497,718)
214,860
228,944
15,163,507
65,433
540
(352,497)
185,183
30,824
13,649
97,562
(349)
Operating profit before working capital changes
136,990,868
110,233,882
Adjustments for changes in working capital :

- (Increase)/Decrease in Sundry Debtors
- (Increase)/Decrease in Other Receivables
- (Increase)/Decrease in Inventory
- Increase/(Decrease) in Trade and Other Payables
(1,468,398)
(10,791,961)
(281,847)
4,393,903
(11,274,032)
(15,485,319)
(109,093)
30,162,801
Cash generated from operations
128,842,565
113,528,239
Taxes (Paid)/Received
(10,311,097)
(8,929,734)
Net cash from operating activities
118,531,468
104,598,505
(92,108,430)
1,940,680
273,605,929
(279,523,969)
1,300,902
637,854
(100,350,321)
1,483,237
175,129,779
(189,776,774)
685,276
730,804
(14,915,200)
300,000
500,000
(181,518)
(108,943,752)
(4,386,123)
(115,984,122)
A. Cash flow from operating activities:

Net profit before tax
Adjustments for:
Depreciation
Interest Expense and other finance charges
Interest Income
(Profit)/Loss on Sale of Assets (Net)
(Profit)/Loss on sale of Investments
Amortisation of ESOP Expenditure
Lease Equalisation/FCCB Premium
Provision for Deferred Bonus
Licence fee Amortisation
Debts/Advances Written off
Provision for Bad and Doubtful Debts/Advances
(Net of write back)
Liabilities / Provisions no longer required written back
Provision for Gratuity and Leave Encashment
Provision for Inventory for obsolete/ Damaged stock
Unrealized Foreign Exchange (gain) /loss
Loss/(Gain) from swap arrangements
Provision for Wealth Tax
B. Cash flow from investing activities:

Adjustments for changes in :
Purchase of fixed assets
Proceeds from Sale of fixed assets
Proceeds from Sale of Investments
Purchase of Investments
Interest Received
Net movement in advances given to Subsidiary Companies
Purchase of Fixed Deposits
(with maturity more than three months)
Proceeds from Maturity of Fixed Deposits
(with maturity more than three months)
Acquisition/Subscription/Investment in Subsidiaries/Associate
(Refer note 5 below)
Net cash used in investing activities
100
7/21/2009, 9:23 PM
Cash Flow Statement

Particulars
For the year ended

March 31, 2009
(Rs. 000)
For the year ended

March 31, 2008
(Rs. 000)
176,060
193,531
13,454,721
(15,288,260)
17,761,606
(19,676,837)
(916,551)
(4,168,114)
22,156
(6,719,988)
14,622,207
(3,852,591)
(67,648)
8,980,268
Net Increase/(Decrease) in Cash and Cash Equivalents
2,867,728
(2,405,349)
Opening Cash and Cash Equivalents

Cash and Cash Equivalents acquired on amalgamation
Cash and Cash Equivalents as at year end
Cash and Cash Equivalents comprise:
Cash and Cheques on hand
Balance with Scheduled Banks
Cash and Bank Balances as per schedule 9
Less: - Fixed deposits not considered as cash equivalents
Cash and Cash Equivalents in Cash Flow Statement:
5,029,390
3,709
7,900,827
7,304,605
130,134
5,029,390
445,518
22,070,509
22,516,027
14,615,200
7,900,827
1,119,995
3,909,395
5,029,390
5,029,390
C. Cash flow from financing activities:

Issue of Shares under ESOP Scheme (including share application)
Proceeds from long term borrowings
Receipts
Payments
Proceeds from short term borrowings
Net movement in cash credit facilities and short term loans
Interest Paid
Gain /(Loss) from swap arrangements
Net cash from financing activities
Notes :
1.
2.
3.
4.
5.
6.
Figures in brackets indicate cash out flow.

Previous year figures have been regrouped and recast wherever necessary to conform to the current year classification.
Cash and cash equivalents includes Rs. 18,177 thousands pledged with various authorities (March 31, 2008- Rs. 65,884 thousands) which are
not available for use by the Company
The following assets and liabilities acquired under the scheme of amalgamation have not been considered in the above Cash flow statement
Fixed Assets (Including CWIP and Pre-Operative expenditure and net of accumulated depreciation)
212,353
Current Assets (Other then Cash)
61,599
Current Liabilities and Provisions
15,414
Investment
56,208
Deferred Tax Liability
1,876
During the year, the Company increased its stake in Bharti Hexacom Limited by 1.11% through acquisition of 27,80,306 equity shares for an
aggregate consideration of Rs. 166,818 thousand thereby increasing its investment by same amount (Previous Year acquisition of equity in
Network i2i Limited at a purchase consideration of Rs. 5,313,916 thousand).
Advances given to Subsidiary Companies have been reported net basis.

Partner
Place : New Delhi

Sunil Bharti Mittal
Manoj Kohli
Vijaya Sampath
101
101
7/21/2009, 9:23 PM
Schedules annexed to and forming part

of accounts
Particulars
As at
March 31, 2009
(Rs. 000)
As at
March 31, 2008
(Rs. 000)
Authorised
2,500,000,000 (March 31, 2008 - 2,500,000,000)
Equity shares of Rs. 10 each
25,000,000
25,000,000
Issued, Subscribed and Paid up

1,898,239,796 of Rs. 10 each fully paid up
(March 31, 2008- 1,897,907,446 Equity Shares of Rs. 10 each)
18,982,398
18,979,074
18,982,398
18,979,074
39,889,844
256,997
40,146,841
39,259,225
630,619
39,889,844
Revaluation reserve
21,284
21,284
Capital reserve
51,083
51,083
24,785,198
126,831
24,912,029
82,181,203
(57,396,005)
24,785,198
139,958
(4,411)
553,581
(413,623)
135,547
139,958
SCHEDULE : 1
SHARE CAPITAL
Notes:
(a) 49,999,000 and 1,516,390,970 equity shares issued as fully
paid-up bonus shares on February 24, 1997 and September 30, 2001
respectively out of Share Premium account
(b) 21,409,142 Equity Shares (March 31, 2008- 21,315,734) shares
are allotted as fully paid up upon the conversion of Foreign
Currency Convertible Bonds (FCCBs). (Refer Note 8 on Schedule 22)
(c) 2,722,125 Equity Shares (March 31, 2008 - 2,722,125) shares
are allotted as fully paid up under the Scheme of amalgamation
without payments being received in cash.
(d) For Stock options outstanding details refer note 27 on Schedule 22
SCHEDULE : 2
RESERVES AND SURPLUS
Securities Premium
Opening balance
Additions during the year
Reserve for Business Restructuring

Opening balance
Additions during the year (Refer Note 2(b) on Schedule 22)
Less : Transferred to Profit and Loss Account during the year
[Note 2(b) of Schedule 22]
Debenture Redemption reserve

Opening balance
Transferred to Profit and Loss Account during the year
102
7/21/2009, 9:23 PM

of accounts
Particulars
As at
March 31, 2009
(Rs. 000)
As at
March 31, 2008
(Rs. 000)
6,000,000
184,973,262
-
118,194,797
43,127
55,028
(265,766)
185,028,290
117,972,158
256,295,074
182,859,525
500,000
500,000
17,304
24,244
517,304
524,244
134,976
11,510
6,243,768
4,803,050
36,901,853
33,473,546
32,840,392
27,535,730
76,619,167
65,179,172
25,123,211
17,581,716
SCHEDULE : 2 (Cont.)
General Reserve
Balance
Add : Adjustment
Acquired under the scheme of Amalgamation
(Refer Note 2(a)(i) on Schedule 22)
SCHEDULE : 3
SECURED LOANS
(Refer Note 13 on Schedule 22)
Debentures
Other Loans and Advances :
-Vehicle Loans
Note : Amount repayable within one year
Short Term Loans and Advances

From Banks
Other Loans and Advances
From Banks
From Others
SCHEDULE : 4
UNSECURED LOANS
103
103
7/21/2009, 9:23 PM
104
7/21/2009, 9:23 PM
281,156,516
265,099,314
GRAND TOTAL
Previous Year
273,885
563,376
273,885
89,282
79,083
100,588
547
4,250
135
-
Acquired
under the
scheme of
merger
94,581,880
97,089,308
94,581,880
195,252
132,028
675,017
408,508
84,574,033
4,319,464
427,245
90,561
36,277
-
3,723,495
-
Additions
during
the year
3,345,258
81,595,482
3,345,258
9,483
399
3,878
87,086
(815,015)
210,484
59,797
11,114
21,216
-
3,756,816
-
Sale /
Adjustment
during
the year
372,667,023
281,156,516
372,667,023
248,465
675,093
3,510,129
2,751,137
309,809,300
20,626,784
1,894,030
975,061
199,557
3,397
83,993
10,748,556
21,141,521
As at
March 31,
2009
90,850,041
72,042,973
90,850,041
4,002
563,511
875,258
65,691,620
11,643,499
905,892
547,713
81,504
28
83,993
1,123,106
9,329,915
As at
April 01,
2008
62,292
416,822
62,292
26,421
33,695
547
1,495
134
-
Acquired
under
the scheme
of merger
33,204,024
32,861,550
33,204,024
2,122
141,368
347,332
27,093,604
3,429,740
279,052
126,185
37,499
151
605,787
1,141,184
For the
year
1,582,919
14,471,304
1,582,919
657
760
34,964
1,291,062
178,415
55,209
6,275
12,955
-
2,622
-
Sale /
Adjustment
during
the year
Depreciation/ Amortisation
122,533,438
90,850,041
122,533,438
5,467
730,540
1,187,626
91,527,857
14,895,371
1,131,230
667,757
106,048
179
83,993
1,726,271
10,471,099
As at
March 31,
2009
(Rs. 000)
275,800,278
250,133,585
25,666,693
242,998
675,093
2,779,589
1,563,511
218,281,443
5,731,413
762,800
307,304
93,509
3,218
9,022,285
10,670,422
As at
March 31,
2009
217,817,263
190,306,475
27,510,788
58,694
454,182
2,196,396
1,554,457
158,628,044
4,873,758
616,440
347,766
102,992
3,369
9,658,771
11,811,606
As at
March 31,
2008
Net Block Value
Notes:
1. Capital Work in Progress includes Capital advances of Rs. 1,555,709 thousand (Previous year Rs. 3,623,815 thousand)
2. Addition to fixed assets during the year includes : Rs. Nil (Previous year Gain of Rs. 1,641,579 thousand) on account of fluctuations in foreign exchange rates
3. Capital work in Progress as on March 31, 2009 is net of Rs. Nil (Previous year includes Rs. 1,837 thousand gain) on account of fluctuation in Exchange rate
4. Freehold Land and Building includes Rs. 13,135 thousand (Previous year Rs. 26,468 thousand) and Rs. 297,301 thousand (previous year Rs. 71,477 thousand) respectively, in respect of which registration of title in
favour of the Company is pending
5. Building includes building on leasehold land Rs. 59,439 thousand (March 31, 2008 Rs. Nil)
6. The remaining amortisation period of licence fees as at March 31, 2009 ranges between 6 to 16 years for Unified Access Service Licences and 13 years for Long Distance Licences
7. Capital work in progress includes goods in transit Rs. 2,069,495 thousand (Previous year Rs. 2,887,441 thousand)
8. Computers include Gross Block of assets capitalised under finance lease Rs. 12,165,684 thousand (Previous year Rs. 7,993,424 thousand) and corresponding Accumulated Depreciation being Rs. 7,173,057 thousand
(Previous year Rs. 4,571,055 thousand)
9. Sale/Adjustment during the year includes reclassification of class of assets
281,156,516
62,696
454,182
2,759,907
2,429,715
224,319,664
16,517,257
1,522,332
895,479
184,496
3,397
83,993
10,781,877
21,141,521
As at
April 01,
2008
TOTAL
Capital Work in Progress
TANGIBLE ASSETS
Leasehold Land
Freehold Land
Building
Leasehold Improvements
Plant and Machinery
Computers
Office Equipment
Furniture and Fixture
Vehicles
Vehicle on Finance Lease
INTANGIBLE ASSETS
Software
Bandwidth
Licences
PARTICULARS
Gross Block Value
SCHEDULE 5 : FIXED ASSETS

(Refer Notes 3, 4, 15, 16 on Schedule 21 and Note 2(b), 21, 24 & 25 on Schedule 22)

of accounts
Particulars
As at
March 31, 2009
(Rs. 000)
As at
March 31, 2008
(Rs. 000)
1,757,384
27,069
18,792,006
15,705,261
1,835
1,839
20,551,225
15,734,169
5,717,628
5,207,748
1,000
1,000
Current, other than trade, Unquoted

- Deposits and Bonds
Current, other than trade, Quoted
- Mutual Funds and Bonds
Long term, other than trade, Unquoted
- Government securities
Long Term : Trade (Unquoted)

Investment in Subsidiaries
1) Bharti Hexacom Limited: 174,999,980 (Previous year 166,501,980)
Equity shares of Rs. 10 each fully paid up
(Refer Note 2(d) & (e) on Schedule 22)
2)
Bharti Airtel Services Limited: 100,000 (Previous year 100,000)

Equity shares of Rs. 10 each fully paid up.
3)
Bharti Aquanet Limited: Nil (Previous year 2,500,000)

Equity shares of Rs. 10 each fully paid up
(Refer Note 2(a) on Schedule 22)
261,549
4)
Bharti Airtel (USA) Limited: 300 (Previous year 200)

Equity shares of USD .0001 each fully paid up.
508,971
508,971
Bharti Airtel (UK) Limited:123,663 (Previous year 1)

Equity shares of GBP 1 each fully paid up*
100,612
87,609
26,333
26,333
20,139
20,139
5,316,039
5,316,039
82,181,703
82,181,703
40,902
40,902
12) Bharti Airtel Lanka (Private) Limited: 525,596,420

(Previous year 100) Equity shares of SLR 10 each fully paid up
(Refer Note 2(f) on Schedule 22)
2,049,411
13) Bharti Airtel Holdings (Singapore) Pte Limited: 1 (Previous year 1)

Equity shares of Singapore Dollar (SGD) 1 each fully paid up
1,106,553
5
6)
Bharti Airtel (Hongkong) Limited: 4,959,480 (Previous year 1)

Equity shares of HKD 1 each fully paid up
7)
Bharti Airtel (Canada) Limited: 100 (Previous year 100)

Equity shares of Canadian Dollar (CAD) 1 each fully paid up.
8)
9)
Bharti Airtel (Singapore) Private Limited: 7,50,001 (Previous year 100)

Equity shares of Singapore Dollar (SGD) 1 each fully paid up.
Network i2i Limited: 9,000,000 (Previous year 9,000,000)
Equity shares of USD 1 each fully paid up.
10) Bharti Infratel Limited: 500,000,000 (Previous year 50,000)

Equity shares of Rs. 10 each fully paid up.*
11) Bharti Telemedia Limited: 4,080,000 (Previous year 4,080,000)
Equity shares of Rs 10 each fully paid up.
SCHEDULE : 6
INVESTMENTS
(Refer Note 7 on Schedule 21 and Note 20 on Schedule 22)
105
105
7/21/2009, 9:23 PM

of accounts
Particulars
As at
March 31, 2009
(Rs. 000)
As at
March 31, 2008
(Rs. 000)
Investment in Joint Ventures

1) Bridge Mobile PTE Limited: 2,200,000 (Previous year 2,200,000)
Equity shares of USD 1 each fully paid up.
92,237
92,237
Investment in Assosiates
1) Bharti Teleports Limited: 1,470,000 (Previous year Nil)
Equity shares of Rs. 10 each fully paid up. (Refer Note 2(g) on Schedule 22)
14,700
Others
1) IFFCO Kissan Sanchar Limited : 100,000
(Previous Year 100,000) Equity Shares
50,125
50,125
97,226,357
93,794,359
117,777,582
109,528,528
18,877,621
18,792,006
98,985,576
15,742,896
15,732,330
93,796,198
621,510
568,607
621,510
568,607
(*Refer Note 20(b) on Schedule 22)

Aggregate Market Value of Quoted Investments
Aggregate amount of Quoted Investments
Aggregate amount of Unquoted Investments
SCHEDULE : 7
INVENTORY
Stock-In-Trade *
* Net of Provision for diminution in value Rs. 20,827 thousand

106
7/21/2009, 9:23 PM

of accounts
Particulars
As at
March 31, 2009
(Rs. 000)
As at
March 31, 2008
(Rs. 000)
SCHEDULE : 8
SUNDRY DEBTORS
(Unsecured, considered good unless otherwise stated)
Debts outstanding for a period exceeding six months
-considered good
-considered doubtful
Less : Provision for doubtful debts
Other debts
-considered good
-considered doubtful
Debts due from other companies under the
same management within the meaning of
section 370(1B) Rs. Nil (March 31, 2008
Rs. 767,574 thousand)
(Also refer note 23 on Schedule 22)
1,027,380
7,198,205
(7,198,205)
24,473,108
2,000,235
(2,000,235)
1,027,380
1,789,956
5,074,794
(5,074,794)
1,789,956
24,473,108
25,974,616
1,686,281
(1,686,281)
25,974,616
25,500,488
27,764,572
23,382
422,136
74,872
1,045,123
1,088,926
20,977,614
3,969
888,557
3,016,282
4,556
22,516,027
5,029,390
207,635
989,492
19,399
977,870
1,197,127
997,269
SCHEDULE : 9
CASH AND BANK BALANCES
Cash in Hand
Cheques in Hand
Balances with Scheduled Banks
- in Current Account
- in Fixed deposits *
- in Deposit Account as Margin Money
* [Includes Rs. 14,208 thousand pledged with various
authorities (March 31, 2008 Rs. 61,288 thousand)]
Interest Accrued on Investment

Unamortised upfront fees and Deferred Premium
SCHEDULE : 10
OTHER CURRENT ASSETS
107
107
7/21/2009, 9:23 PM

of accounts
Particulars
As at
March 31, 2009
(Rs. 000)
As at
March 31, 2008
(Rs. 000)
SCHEDULE : 11
LOANS AND ADVANCES
Advances Recoverable in cash or in kind or for value to be received*
Considered good
Considered doubtful
Less: Provision
Advance to ESOP Trust
Advance Tax [Net of provision for tax
Rs. 26,209,322 thousand
(March 31, 2008 17,018,162 thousand)]
Advance Wealth Tax [Net of Provision for tax
Rs. 840 thousand (March 31, 2008
Rs. 608 thousand)]
Advance Fringe Benefit Tax
[Net of provision for tax Rs. 869,615 thousand
(March 31, 2008 Rs. 502,607 thousand)]
MAT Credit
41,539,755
4,438,434
(4,438,434)
41,539,755
105,489
27,527,205
4,191,441
(4,191,441)
27,527,205
116,971
894,226
119,902
694
154
49,655
1,825,128
45,767
428,824
44,414,947
28,238,823
Debts due from other companies under

the same management within the meaning
of section 370(1B) Rs. 13,448,301 thousand
(March 31, 2008 Rs. 4,297,830 thousand)
(Also refer note 23 on Schedule 22)
SCHEDULE : 12
CURRENT LIABILITIES AND PROVISIONS
Current Liabilities
Sundry Creditors :
Total outstanding dues of Micro and
Small Enterprises*
Total outstanding dues of Creditors other
than Micro and Small Enterprises**
Advance Billing and Prepaid Card Revenue
Interest accrued but not due on loans
Other Liabilities
Advance Received from customers
Security Deposits (Refer Note 9 on Schedule 22)
44,258
91,508,638
91,552,896
31,299,451
840,186
3,429,190
633,162
3,424,931
131,179,816
*Refer Note 18 on Schedule 22

** Amount repayable to Subsidiary Companies
Rs. 2,640,272 thousand (Previous year Nil)
108
7/21/2009, 9:23 PM
83,816,886
83,816,886
26,853,515
732,681
3,541,797
667,121
3,478,690
119,090,690

of accounts
Particulars
As at
March 31, 2009
(Rs. 000)
As at
March 31, 2008
(Rs. 000)
Provisions
Gratuity (Refer Note 10 on Schedule 21 and
Leave Encashment (Refer Note 10 on Schedule 21 and
Others (Refer Note 6(i) and 21 on Schedule 22)
Proposed Dividend (Refer Note 31 on Schedule 22)
Tax on Dividend
582,275
380,373
477,634
842,403
3,796,480
645,212
464,676
1,253,713
-
6,344,004
2,098,762
137,523,820
121,189,452
(1,351)
(1,351)
(6,594)
(6,594)
2,034
588
573
26,630
20,218
4,378
873
2,034
SCHEDULE : 13
MISCELLANEOUS EXPENDITURE
Deferred Employee Compensation Expense*
Opening Balance
Add: Addition/(Adjustments) during the year
Less: Amortisation for the year**
* Relating to Employee Stock Option Scheme 2001 and 2004

** Net of stock compensation income of Rs. 3,682 thousand
Premium on Redemption of Debentures

Opening Balance
Less : Write back during the year
Less : Amortisation for the year
109
109
7/21/2009, 9:23 PM

of accounts
Particulars
For the
year ended
March 31, 2009
(Rs. 000)
For the
year ended
March 31, 2008
(Rs. 000)
864,335
42,549
16,125,827
28,747,906
124,567
7,703,525
159,285
1,213,649
2,393,706
5,893,572
891,747
86,131
9,857,737
8,102,162
106,127
7,080,594
932,019
647,260
2,353,998
2,946,971
63,268,921
33,004,746
568,607
2,869,427
1,618,471
1,074,002
621,510
478,145
2,353,696
800,728
1,124,004
568,607
124,051
338,502
SCHEDULE : 14
NETWORK OPERATING EXPENDITURE
Interconnect charges and PSTN rentals
Installation
Power and Fuel
Rent
Insurance
Repairs and Maintenance - Plant and Machinery
- Others
Leased Line and Gateway charges
Internet access and bandwidth charges
Others
SCHEDULE : 15
COST OF GOODS SOLD
Opening Stock
Add : Purchases
Less : Simcard Utilisation
Less : Internal issues/capitalised
Less : Closing Stock *
* Net of Provision for diminution in value Rs. 20,827 thousand

110
7/21/2009, 9:23 PM

of accounts
Particulars
SCHEDULE : 16
PERSONNEL EXPENDITURE
Salaries, Wages and Bonus *
Contribution to Provident and Other Funds
Staff Welfare
Recruitment and Training
For the
year ended
March 31, 2009
(Rs. 000)
For the
year ended
March 31, 2008
(Rs. 000)
12,959,548
430,928
584,949
360,982
11,942,494
416,416
619,846
363,096
14,336,407
13,341,852
6,228,864
6,326,848
1,618,471
7,589,808
5,664,692
6,476,102
800,728
5,193,735
21,763,991
18,135,257
746,185
107,561
596,648
10,943,342
942,806
1,087,509
106,231
398,890
28,490
756,695
2,684,358
228,944
1,708,114
539,555
656,224
38,319
593,931
7,636,595
1,030,744
1,145,635
97,779
583,725
10,122
1,958,584
1,172,833
30,824
1,343,829
32,075
2,812,103
20,875,328
19,143,322
* Excluding amortisation of Deferred ESOP cost

Refer Note 27 (vii) on Schedule 22
SCHEDULE : 17
SALES AND MARKETING EXPENDITURE
Advertisement and Marketing
Sales Commission and Incentive
Sim card utilisation
Others
Legal and Professional

Rates and Taxes
Power and Fuel
IT and Call Center Outsourcing
Traveling and Conveyance
Rent
Repairs and Maintenance - Building
- Others
Insurance
Bad debts written off
Provision for doubtful debts and advances
Provision for Diminution in Stock
Collection and Recovery Expenses
Loss on sale of assets (net)
Miscellaneous Expenses
SCHEDULE : 18
ADMINISTRATIVE AND OTHER EXPENDITURE
111
111
7/21/2009, 9:23 PM

of accounts
Particulars
For the
year ended
March 31, 2009
(Rs. 000)
For the
year ended
March 31, 2008
(Rs. 000)
497,718
38,899
870,751
352,497
2,006,084
1,407,368
2,358,581
2,010,561
58,457
35,189
573
17,142,195
65,433
2,171,412
1,948,841
68,341
60,595
4,378
2,143,277
97,562
1,754,579
21,483,820
6,077,573
2,354,840
577,505
739,406
749,732
171,631
491,357
3,843,978
1,240,493
17,639,842
4,837,080
SCHEDULE : 19
OTHER INCOME
Liabilities/Provisions no longer required written back
Profit on Sale of Assets (Net)
Miscellaneous
SCHEDULE : 20
FINANCE EXPENSE/(INCOME) (Net)
Interest :
- On Term Loan
- On Debentures
- On Others
Amortisation of Premium on Redemption of FCCBs
Exchange fluctuation (gain)/loss (Net)
Loss from swap arrangements
Other Finance Charges
Less : Income
Profit on sale of Current Investments (other than trade)
Interest Income :
- from Current Investments and Fixed Deposits (Other than Trade)
[Gross of TDS of Rs. 132,610 thousand (March 31, 2008
Rs. 34,647 thousand)]
- from other advances
[Gross of TDS of Rs. 171,212 thousand (March 31, 2008
112
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of accounts
SCHEDULE: 21
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED
MARCH 31, 2009
1.
BASIS OF PREPARATION
The financial statements have been prepared to comply in all material respects with the Notified Accounting
Standards by Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of
the Companies Act, 1956. The financial statements have been prepared under the historical cost convention on
an accrual basis except in case of assets for which revaluation is carried out. The accounting policies have been
consistently applied by the Company and, except for the changes in accounting policy discussed in Note 9
below, are consistent with those used in the previous year.
2.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent liabilities at the date of the financial statements and the results of operations during the
reporting year end. Although these estimates are based upon managements best knowledge of current events
and actions, actual results could differ from these estimates.
3.
FIXED ASSETS
Fixed Assets are stated at cost of acquisition and subsequent improvements thereto, including taxes and duties
(net of cenvat credit), freight and other incidental expenses related to acquisition and installation. Capital workin-progress is stated at cost.
Site restoration cost obligations are capitalized when it is probable that an outflow of resources will be required
to settle the obligation and a reliable estimate of the amount can be made.
The intangible component of license fee payable by the Company for cellular and basic circles, upon migration
to the National Telecom Policy (NTP 1999), i.e. Entry Fee, has been capitalised as an asset and the one time
license fee paid by the Company for acquiring new licences (post NTP-99) (basic, cellular, national long distance
and international long distance services) has been capitalised as an intangible asset.
4.
DEPRECIATION/AMORTISATION
Leasehold Land
Building
Building on Leased Land
Plant and Machinery
Computer/Software
Office Equipment
Furniture and Fixtures
Vehicles
Useful lives
Period of lease
20 years
20 years
Period of lease or 10 years whichever is less
3 years to 20 years
3 years
5 years/2 years
5 years
5 years
Software up to Rs. 500 thousand is written off in the financial year placed in service.
Bandwidth capacity is amortised on straight line basis over the period of the agreement subject to a maximum
of 18 years.
The Entry Fee capitalised is being amortised equally over the period of the license and the one time licence fee
is being amortised equally over the balance period of licence from the date of commencement of commercial
operations.
Depreciation is provided on straight-line method, at the rates determined based on the estimated economic
useful lives of assets; or at the rates prescribed under schedule XIV of the Companies Act, 1956, whichever is
higher, as follows:
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The site restoration cost obligation capitalized is depreciated over the period of the useful life of the related
asset.
Fixed Assets costing upto Rs 5 thousand are being fully depreciated within one year from the date of acquisition.
5.
REVENUE RECOGNITION AND RECEIVABLES

Mobile Services
Service revenue is recognised on completion of provision of services. Service revenue includes income on
roaming commission and access charges passed on to other operators, and is net of discounts and waivers.
Revenue, net of discount, is recognised on transfer of all significant risks and rewards to the customer and when
no significant uncertainty exists regarding realisation of consideration.
Processing fees on recharge is being recognised over the estimated customer relationship period or voucher
validity period, as applicable.
Telemedia Services (Erstwhile Broadband & Telephone Services) and Enterprise Services Carriers
Service revenue is recognised on completion of provision of services. Revenue on account of bandwidth service
is recognised on time proportion basis in accordance with the related contracts. Service Revenue includes
access charges passed on to other operators, and is net of discounts and waivers. Revenue, net of discount,
from sale of goods is recognised on transfer of all significant risks and rewards to the customer and when no
significant uncertainty exists regarding realisation of consideration.
Revenue from prepaid calling cards packs is recognised on the actual usage basis.
Enterprise Services Corporate
Revenue, net of discount, from sale of goods is recognised on transfer of all significant risks and rewards to the
customer and when no significant uncertainty exists regarding realisation of consideration.
Service Revenues includes revenues from registration, installation and provision of Internet and Satellite services.
Registration fees is recognised at the time of dispatch and invoicing of Start up Kits. Installation charges are
recognised as revenue on satisfactory completion of installation of hardware and service revenue is recognised
from the date of satisfactory installation of equipment and software at the customer site and provisioning of
Internet and Satellite services.
Activation Income
Activation revenue and related direct activation costs, not exceeding the activation revenue, are deferred and
amortized over the related estimated customers relationship period, as derived from the estimated customer
churn period.
Investing and other Activities
Income on account of interest and other activities are recognised on an accrual basis. Dividends are accounted
for when the right to receive the payment is established.
Provision for doubtful debts
The Company provides for amounts outstanding for more than 90 days in case of active subscribers and for
entire outstanding from deactivated customers net off security deposits or in specific cases where management
is of the view that the amounts from certain customers are not recoverable.
For receivables due from the other operators on account of their NLD and ILD traffic, IUC and roaming charges,
the Company provides for amounts outstanding for more than 120 days from the date of billing, net of any
amounts payable to the operators or in specific cases where management is of the view that the amounts from
these operators are not recoverable.
Accrued Billing revenue
Accrued billing revenue represent revenue recognized in respect of Mobile, Broadband and Telephone, and Long
Distance services provided from the bill cycle date to the end of each month. These are billed in subsequent
periods as per the terms of the billing plans.
6.
INVENTORY
Inventory is valued at the lower of cost and net realisable value. Cost is determined on First in First out basis.
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of
completion and the estimated costs necessary to make the sale.
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The Company provides for obsolete and slow-moving inventory based on management estimates of the usability
of inventory.
7.
INVESTMENT
Current Investments are valued at lower of cost and fair market value determined on individual basis.
Long term Investments are valued at cost. Provision is made for diminution in value to recognise a decline, if
any, other than that of temporary nature.
8.
LICENSE FEES REVENUE SHARE

With effect from August 1, 1999, the variable Licence fee computed at prescribed rates of revenue share is
charged to the Profit and Loss Account in the year in which the related revenues are recognised. Revenue for
this purpose identified as adjusted gross revenue as per the respective license agreements.
9.
FOREIGN CURRENCY TRANSLATION, ACCOUNTING FOR FORWARD CONTRACTS AND DERIVATIVES

Initial Recognition
Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency amount
the exchange rate between the reporting currency and the foreign currency at the date of the transaction.
Conversion
Foreign currency monetary items are reported using the closing rate. Non-monetary items which are carried in
terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of
the transaction; and non-monetary items which are carried at fair value or other similar valuation denominated
in a foreign currency are reported using the exchange rates that existed when the values were determined.
Exchange Differences
Exchange differences arising on the settlement of monetary items or on restatement of the Companys monetary
items at rates different from those at which they were initially recorded during the period/year, or reported in
previous financial statements, are recognized as income or as expenses in the period/year in which they arise as
mentioned below.
During the year, the Company has, with effect from the April 1, 2008, changed its policy to charge/credit
fluctuations in respect of loans/liabilities for acquisition of fixed assets directly to the Profit & Loss Account
from adjusting such exchange differences in the carrying cost of the respective assets.
Forward Exchange Contracts covered under AS 11, The Effects of Changes in Foreign Exchange Rates
Exchange differences on forward exchange contracts and plain vanilla currency options for establishing the
amount of reporting currency and not intended for trading and speculation purposes, are recognised in the Profit
& Loss Account in the year in which the exchange rate changes. The premium or discount arising at the
inception of forward exchange contracts is amortised as expense or income over the life of the contract. Any
profit or loss arising on cancellation or renewal of such forward exchange contract is recognised as income or
expense for the period/year.
Exchange difference on forward contracts which are taken to establish the amount other than the reporting
currency arising due to the difference between forward rate available at the reporting date for the remaining
maturity period and the contracted forward rate (or the forward rate last used to measure a gain or loss on the
contract for an earlier period) are recognised in the profit and loss account for the period/year.
The Company enters into various foreign currency option contracts and interest rate swap contracts that are not
in the nature of forward contracts designated under AS 11 as such and contracts that are not entered to
establish the amount of the reporting currency required or available at the settlement date of a transaction; to
hedge its risks with respect to foreign currency fluctuations and interest rate exposure arising out of import of
capital goods using foreign currency loan. At every year end all outstanding derivative contracts are fair valued
on a marked-to-market basis and any loss on valuation is recognised in the profit and loss account, on each
contract basis. Any gain on marked-to-market valuation on respective contracts is not recognized by the Company,
keeping in view the principle of prudence as enunciated in AS 1, Disclosure of Accounting Policies. Any
reduction to fair values and any reversals of such reductions are included in profit and loss statement of the
period/year.
Embedded Derivative Instruments
The Company occasionally enters into contracts that do not in their entirety meet the definition of a derivative
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Other Derivative Instruments, not in the nature of AS 11, The Effects of Changes in Foreign Exchange Rates
115
instrument that may contain embedded derivative instruments implicit or explicit terms that affect some or
all of the cash flow or the value of other exchanges required by the contract in a manner similar to a derivative
instrument. The Company assesses whether the economic characteristics and risks of the embedded derivative
are clearly and closely related to the economic characteristics and risks of the remaining component of the host
contract and whether a separate, non-embedded instrument with the same terms as the embedded instrument
would meet the definition of a derivative instrument. When it is determined that (1) the embedded derivative
possesses economic characteristics and risks that are not clearly and closely related to the economic characteristics
and risks of the host contract and (2) a separate, stand-alone instrument with the same terms would qualify as
a derivative instrument, the embedded derivative is separated from the host contract, carried at fair value as a
trading or non-hedging derivative instrument. The loss on marked-to-market valuation of the embedded derivative
instrument is recognized in the Profit & Loss Account for the period/year. Any reduction in mark to market
valuations and reversals of such reductions are included in profit and loss statement of the period/year.
Translation of Integral and Non-Integral Foreign Operation
The financial statements of an integral foreign operation are translated as if the transactions of the foreign
operation have been those of the Group itself.
In translating the financial statements of a non-integral foreign operation for incorporation in financial statements,
the assets and liabilities, both monetary and non-monetary are translated at the closing rate; income and
expense items are translated at exchange rate at the date of transaction for the year; and all resulting exchange
differences are accumulated in a foreign currency translation reserve until the disposal of the net investment.
Foreign exchange contracts for trading and speculation purpose
Foreign exchange contracts intended for trading and/or speculation are fair valued on a marked-to-market basis
and any loss on such valuation is recognised in the Profit & Loss Account for the period.
10. EMPLOYEE BENEFITS
(a) Short term employee benefits are recognised in the period during which the services have been rendered.
(b) All employees of the Company are entitled to receive benefits under the Provident Fund, which is a defined
contribution plan. Both the employee and the employer make monthly contributions to the plan at a
predetermined rate (presently 12%) of the employees basic salary. These contributions are made to the
fund administered and managed by the Government of India. In addition, some employees of the Company
are covered under the employees state insurance schemes, which are also defined contribution schemes
recognized and administered by the Government of India.
The Companys contributions to both these schemes are expensed in the Profit and Loss Account. The
Company has no further obligations under these plans beyond its monthly contributions.
(c) Some employees of the Company are entitled to superannuation, a defined contribution plan which is
administered through Life Insurance Corporation of India (LIC). Superannuation benefits are recorded as
an expense as incurred.
(d) Short term compensated absences are provided for based on estimates. Long term compensated absences
are provided for based on actuarial valuation. The actuarial valuation is done as per projected unit credit
method.
(e) The Company provides for gratuity obligations through a defined benefit retirement plan (the Gratuity
Plan) covering all employees. The Gratuity Plan provides a lump sum payment to vested employees at
retirement or termination of employment based on the respective employee salary and years of employment
with the Company. The Company provides for the Gratuity Plan based on actuarial valuations as per the
Projected Unit Credit Method at the end of each financial year in accordance with Accounting Standard 15
(revised), Employee Benefits. The Company makes annual contributions to the LIC for the Gratuity Plan
in respect of employees at certain circles.
(f)
Other Long term service benefits are provided based on actuarial valuation made at the end of each
financial year. The actuarial valuation is done as per projected unit credit method.
(g) Actuarial gains and losses are recognized as and when incurred.
11. PRE-OPERATIVE EXPENDITURE
Expenditure incurred by the Company from the date of acquisition of license for a new circle or from the date of
start-up of new ventures or business, up to the date of commencement of commercial operations of the circle
or the new venture or business, not directly attributable to fixed assets are charged to the Profit & Loss account
in the year in which such expenditure is incurred.
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12. LEASES
a)
Where the Company is the lessee

Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the
leased term, are classified as operating leases. Lease Rentals with respect to assets taken on Operating
Lease are charged to the Profit & Loss Account on a straight-line basis over the lease term.
Leases which effectively transfer to the Company substantially all the risks and benefits incidental to
ownership of the leased item are classified as finance lease. Assets acquired on Finance Lease which
transfer risk and rewards of ownership to the Company are capitalized as assets by the Company at the
lower of fair value of the leased property or the present value of the minimum lease payments or where
applicable, estimated fair value of such assets.
Amortization of capitalised leased assets is computed on the Straight Line method over the useful life of
the assets. Lease rental payable is apportioned between principal and finance charge using the internal rate
of return method. The finance charge is allocated over the lease term so as to produce a constant periodic
rate of interest on the remaining balance of liability.
b)
Where the Company is the lessor

Lease income in respect of Operating Lease is recognised in the Profit & Loss Account on a straight-line
basis over the lease term.
Finance leases as a dealer lessor are recognized as a sale transaction in the Profit & Loss Account and are
treated as other outright sales.
Finance Income is recognized based on a pattern reflecting a constant periodic rate of return on the net
investment of the lessor outstanding in respect of the lease.
c)
Initial direct costs are expensed in the Profit & Loss Account at the inception of the lease.
13. TAXATION
Current Income tax and fringe benefit tax is measured at the amount expected to be paid to the tax authorities
in accordance with Indian Income Tax Act, 1961.
Minimum Alternative Tax (MAT) credit is recognised as an asset only when and to the extent there is convincing
evidence that the Company will pay normal income tax during the specified period. In the period/year in which
the MAT credit becomes eligible to be recognized as an asset in accordance with the recommendations contained
in Guidance Note issued by the ICAI, the said asset is created by way of a credit to the Profit and Loss Account
and shown as MAT Credit Entitlement. The Company reviews the same at each balance sheet date and writes
down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the
effect that Company will pay normal Income Tax during the specified period.
14. MISCELLANEOUS EXPENDITURE
Premium on redemption of debentures is recognised as an expense to the Profit and Loss Account over the
period of the related contract.
15. BORROWING COST
Borrowing cost attributable to the acquisition or construction of fixed assets which takes substantial period of
time to get ready for its intended use is capitalised as part of the cost of that asset. Other borrowing costs are
recognised as an expense in the year in which they are incurred.
16. IMPAIRMENT OF ASSETS
Deferred income taxes reflects the impact of current year timing differences between taxable income and
accounting income for the year and reversal of timing differences of earlier years. Deferred tax is measured
based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred
tax assets are recognised and reviewed at each balance sheet date, only to the extent that there is reasonable
certainty that sufficient future taxable income will be available against which such deferred tax assets can be
realised. In situations where the company has unabsorbed depreciation or carry forward tax losses, all deferred
tax assets are recognised only if there is virtual certainty supported by convincing evidence that they can be
realised against future taxable profits. At each balance sheet date, unrecognised deferred tax assets of earlier
years are re-assessed and recognised to the extent that it has become reasonably certain that future taxable
income will be available against which such deferred tax assets can be realized.
The carrying amounts of assets are reviewed at each balance sheet date for impairment whenever events or
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changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is
recognized for the amount by which the assets carrying amount exceeds its recoverable amount. The recoverable
amount is the higher of the assets fair value less costs to sell and value in use.
For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash flows (cash generating units).
17. SEGMENTAL REPORTING
a)
Primary Segment
The Company operates in four primary business segments viz. Mobile Services, Telemedia Services, Enterprise
Services Carriers and Enterprise Services Corporate.
b) Secondary Segment
The Company has operations within India as well as in other countries through entities located outside India.
The operations in India constitute the major part, which is the only reportable segment, the remaining
portion being attributable to others.
18. EARNINGS PER SHARE
The earnings considered in ascertaining the Companys Earnings per Share (EPS) comprise the net profit after
tax. The number of shares used in computing basic EPS is the weighted average number of shares outstanding
during the period. The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effects
of potential dilutive equity shares unless impact is anti dilutive.
19. WARRANTY AND ASSET RETIREMENT OBLIGATIONS (ARO)
Provision for warranty and ARO is based on past experience and technical estimates.
20. PROVISIONS
Provisions are recognised when the Company has a present obligation as a result of past event; it is more likely
than not that an outflow of resources will be required to settle the obligation, in respect of which a reliable
estimate can be made. Provisions are not discounted to its present value and are determined based on best
estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet
date and adjusted to reflect the current best estimates.
21. EMPLOYEE STOCK OPTIONS OUTSTANDING
Employee Stock options outstanding are valued using Black Scholes / Lattice valuation option pricing model
and the fair value is recognised as an expense over the period in which the options vest.
22. CASH AND CASH EQUIVALENTS
Cash and Cash equivalents in the Balance Sheet comprise cash in hand and at bank and short-term investments.
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of accounts
SCHEDULE: 22
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2009
1.
Background
Bharti Airtel Limited ('Bharti Airtel' or 'the Company') incorporated in India on July 7, 1995, is a Company
promoted by Bharti Telecom Limited ('BTL'), a Company incorporated under the laws of India.
2.
New Operations
a)
During the year ended March 31, 2009, the scheme of amalgamation (Scheme) for amalgamation of Bharti
Aquanet Limited ('Aquanet') with the Company has been approved by the Hon'ble High Court and filed with
the Registrar of Companies, National Capital Terrritory of Delhi & Haryana, (ROC) on January 1, 2009.
Accordingly, all assets and liabilities of Aquanet are recorded by the Company under pooling of interest
method effective January 1, 2009.
i)
The difference between the carrying value of Investment in Aquanet and value of net assets acquired
under the Scheme of Rs. 55,028 thousand has been credited to Reserve and Surplus.
ii)
The Company has not issued any shares to give an effect to the above scheme.
b) During the year ended March 31, 2008, the Company had transferred its telecom infrastructure undertaking
worth Rs. 57,396,005 thousand into a separate legal entity Bharti Infratel Limited ("BIL") at nil value
pursuant to scheme sanctioned by The Hon'ble High Court of Delhi, effective from January 31, 2008. The
Company had revalued its investment in BIL and recorded it at its fair value of Rs. 82,181,203 thousand.
The reserve arising on business restructuring stand at Rs. 24,785,198 thousand in the balance sheet of the
Company as of March 31, 2008.
During the year ended March 31, 2009, the Company has, based on final reconciliation with BIL, transferred
in/out certain assets and accounted these in accordance with the accounting prescribed in the Scheme
resulting into net increase in the Business Restructuring Reserve ('BRR') and decrease in the net liabilities of
the Company by Rs. 126,831 thousand for year ended March 31, 2009. This reconciliation has no impact
on the profits for the year ended March 31, 2009.
c)
During the year ended March 31, 2009, Bharti Airtel invested Rs. 1,106,553 thousands in equity shares of
its wholly owned subsidiary Bharti Airtel Holdings Singapore Pte Limited towards equity. As of March 31,
2009, the amount is pending allotment by the subsidiary.
e)
Further, on February 19, 2009, the Company increased its stake in Bharti Hexacom Limited by 1.11%
through acquisition of 27,80,306 equity shares for an aggregate consideration of Rs. 166,818 thousand.
f)
During the year ended March 31, 2009, the Company invested Rs. 2,049,411 thousand in its wholly owned
subsidiary Bharti Airtel Lanka (Private) Limited towards equity.
g) On March 4, 2009, the Company subscribed to 1470,000 equity shares (49% stake) in Bharti Teleports
Limited for an aggregate consideration of Rs. 14,700 thousand.
3.
Contingent liabilities
a)
Total Guarantees outstanding as at March 31, 2009 amounting to Rs. 20,895,580 thousand (March 31,
2008 Rs. 13,686,627 thousand) have been issued by banks and financial institutions on behalf of the
Company.
Corporate Guarantees outstanding as at March 31, 2009 amounting to Rs. 1,576,542 thousand (March 31,
2008 Rs. 1,198,890 thousand) have been given to banks and financial institutions as mentioned above on
behalf of Group Companies.
d) On September 9, 2008, Bharti Airtel Limited subscribed to 5,717 thousand right shares of Bharti Hexacom
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b) Claims against the Company not acknowledged as debt (excluding cases where the possibility of any
outflow in settlement is remote):
(Rs. 000)
Particulars
(i) Taxes, Duties and Other demands
(under adjudication/appeal / dispute)
-Sales Tax (see 3 (c) below)
-Service Tax (see 3 (d) below)
-Income Tax (see 3 (e) below)
-Customs Duty (see 3 (f) below)
-Stamp Duty
-Entry Tax (see 3 (g) below)
-Municipal Taxes
-Access Charges / Port Charges (see 3 (i) below)
-DoT demands (including 3 (h) below)
-Other miscellaneous demands
(ii) Claims under legal cases including arbitration matters
(including 3 (j) below)
As at
March 31, 2009
As at
March 31, 2008
399,942
668,073
1,977,127
2,198,348
353,403
1,020,873
2,994
2,208,917
579,674
66,034
333,639
168,787
1,720,888
31,194
415,003
44,829
2,860
2,239,974
1,195,825
68,181
464,149
382,015
9,939,534
6,603,195
Unless otherwise stated below, the management believes that, based on legal advice, the outcome of these
contingencies will be favourable and that a loss is not probable.
Of the above, details of unpaid amounts relating to Income Tax, Sales Tax, Service Tax and Custom Duty
together with forum where dispute is pending as at March 31, 2009 is set out below:
Name of
the Statutes
Nature of
the Dues
Amount
Disputed
(in Rs. 000)
Amount
Deposited
(in Rs. 000)
Period to
which it
Relates

Gujarat Sales Tax Act
UP VAT Act
Central Sales Tax Act
UP VAT Act
Sales
Sales
Sales
Sales
Sales
Sales
Sales
Tax
Tax
Tax
Tax
Tax
Tax
Tax
2,359,596
928
402
14
12,178
35,836
505
500,586
7,194
5,400
136
UP VAT Act
Sales Tax
7,600
3,520
2005-08
2006-07
1996-97
1997-98
2002-09
2003-05
2003-04 &
2006-07
2006-07
UP VAT Act
Haryana Sales tax
Punjab Sales Tax Act
Madhya Pradesh
Commercial Sales Tax Act
UP VAT Act
Karnataka Sales Tax Act
Sales
Sales
Sales
Sales
Tax
Tax
Tax
Tax
33
2,797
611
21,720
29
611
8,621
Sales Tax
Sales Tax
1,125
290,920
1,125
127,871
2,734,265
655,093
Service Tax
371,032
Service Tax
62,126
14,384
1997-2001
& 2002-08
2002-06
Service Tax
445
2004-06
Service Tax
231,021
Service Tax
3,449
2000-01 &
2005-08
2006-07
668,073
14,384
Sub Total (A)

Finance Act,1994
Finance Act,1994
Finance Act,1994
Finance Act,1994
Finance Act,1994
Sub Total (B)
120
2008-09
2002-04
2002-03
1997-01 &
2003-05
2002-05
2005-06
Forum where
the dispute
is pending
High Court of Andhra Pradesh
DCCT - Appellate Stage
The Appelate authority
Assessing Officer
High Court of Judicature at Allahabad,
Lucknow Bench
Assisstant Commissioner of Sales tax
Joint commissioner
Jt. Director (Enforcement)
Assistant Commissionet
JC Appeals

Appelate Tribunal
Commissoner Appeals
Deputy Commisioner Appeals
Supritendent of Mohali
Joint Commissioner of Central Excise
7/21/2009, 9:23 PM
Name of
the Statutes
Nature of
the Dues

Income Tax
Income Tax
2,454,836
100,313
Income Tax
108,055
Sub Total (C)
Amount
Disputed
(in Rs 000)
Amount
Deposited
(in Rs 000)
764,644 2003-2009
581,721 1996-1997 &
2002-2004
91,754 1996-97 &
1999-02 &
2006-07
2,663,204
1,438,119
Customs Act-1962
Custom Act
2,095,298
31,963
Customs Act-1962
Custom Act
103,050
25,762
2,198,348
57,725
Sub Total (D)
c)
Period to
which it
relates
2001-04 &
2005-06
2007-08
Forum where
the dispute
is pending
Commissioner of Income Tax (Appeals)
High Court
Income Tax Appelate Tribunal

Commissioner of Customs (Appeals)
Sales tax
The claims for sales tax as of March 31, 2009 comprised the cases relating to:
i.
the appropriateness of the declarations made by the Company under the relevant sales tax legislations
which was primarily procedural in nature; and
ii.
the applicable sales tax on disposals of certain property and equipment items.
d) Service tax
The service tax demands as at March 31, 2009 relate to:
e)
i.
roaming revenues charged from other operators; and
ii.
subscriber receivables written off.
Income tax demand under appeal

Income tax demands under appeal mainly included the appeals filed by the Company before various appellate
authorities against the disallowance of certain expenses being claimed under tax by income tax authorities.
The management believes that, based on legal advice, it is probable that its tax positions will be sustained
and accordingly, recognition of a reserve for those tax positions will not be appropriate.
f)
Custom duty
The custom authorities, in some states, demanded Rs. 2,198,348 thousand as at March 31, 2009 (March
31, 2008 - Rs. 31,194 thousand) for the imports of special software on the ground that this would form
part of the hardware along with which the same has been imported. The view of the Company is that such
imports should not be subject to any custom duty as it would be an operating software exempt from any
custom duty. The management is of the view that the probability of the claims being successful is remote.
In certain states an entry tax is levied on receipt of material from outside the state. This position has been
challenged by the Company in the respective states, on the grounds that the specific entry tax is ultra vires
the constitution. Classification issues have been raised whereby, in view of the Company, the material
proposed to be taxed not covered under the specific category. The amount under dispute as at March 31,
2009 was Rs. 1,020,873 thousand (March 31, 2008 - Rs. 44,829 thousand) included in Note 3 (b) above.
h) DoT Demands
i)
The Company has received demands from DoT pertaining to Bharti Broadband Limited (now merged
with Bharti Airtel Limited) amounting to Rs. 50,563 thousand against which an appeal has been filed
before Hon'ble TDSAT (included in note 3 (b) above). The erstwhile promoter of Bharti Broadband
Limited has undertaken to reimburse the Company in the event of the claim being payable.
ii)
The Company has not been able to meet its roll out obligations fully due to certain non-controllable
factors like Telecommunication Engineering Center testing, Standing Advisory Committee of Radio
Frequency Allocations clearance, non availability of spectrum, operational hazards, etc. The Company
has received show cause notices from DoT for 14 of its circles for non-fulfillment of its roll out obligations.
The Company is confident that this show cause notice would not result into liability.
g) Entry tax
121
121
7/21/2009, 9:23 PM
i)
Access charges/Port Charges

The Company has several claims from BSNL relating to transit charges, access charges (pre-IUC period) and
Non-CLI calls. These claims are under litigation at various forum or at stages of mutual discussion for
settlement. Pending settlement of these claims, the Company has disclosed the related amount as contingent
liability.
The management believes that the outcome of these contingencies would not result into any liability.
Accordingly, no amounts have been accrued although some have been paid under protest.
j)
Others
Others mainly include disputed demands for consumption tax, disputes before consumer forum and with
respect to labour cases and a potential claim for liquidated damages.
The management believes that, based on legal advice, the outcome of these contingencies will be favourable
and that a loss is not probable. No amounts have been paid or accrued towards these demands.
k)
Bharti Mobinet Limited ('BMNL') litigation

Bharti Airtel is currently in litigation with DSS Enterprises Private Limited (DSS) (0.34 per cent equity
interest in erstwhile Bharti Cellular Limited (BCL)) for an alleged claim for specific performance in respect of
alleged agreements to sell the equity interest of DSS in erstwhile BMNL to Bharti Airtel. The case filed by
DSS to enforce the sale of equity shares before the Delhi High Court had been transferred to District Court
and was pending consideration of the Additional District Judge. This suit was dismissed in default on the
ground of non-prosecution. DSS had filed an application for restoration of the suit but has subsequently
withdrawn the restoration application. In respect of the same transaction, Crystal Technologies Private
Limited ('Crystal'), an intermediary, has initiated arbitration proceedings against the Company demanding
Rs. 194,843 thousand included in Note 3 (b) above regarding termination of its appointment as a consultant
to negotiate with DSS for the sale of DSS stake in erstwhile BMNL to Bharti Airtel. DSS has also filed a suit
against a previous shareholder of BMNL and Bharti Airtel challenging the transfer of shares by that shareholder
to Bharti Airtel. The suit was subsequently dismissed as frivolous, which has been appealed to in the Delhi
High Court by DSS and subsequently transferred to District Court. DSS has also initiated arbitration proceedings
seeking direction for restoration of the cellular license and the entire business associated with it including all
assets of BCL/BMNL to DSS or alternatively, an award for damages. An interim stay has been granted by
the Delhi High Court with respect to the commencement of arbitration proceedings. The liability, if any, of
Bharti Airtel arising out of above litigation cannot be currently estimated. Since the amalgamation of BCL
and erstwhile Bharti Infotel Limited (BIL) with Bharti Airtel, DSS, a minority shareholder in BCL, has been
issued 2,722,125 equity shares of Rs. 10 each bringing the share of DSS in Bharti Airtel down to 0.14% as
at March 31, 2009. The management believes that, based on legal advice, the outcome of these contingencies
will be favourable and that a loss is not probable. Accordingly, no amounts have been accrued or paid in
regard to this dispute.
4.
Export Obligation
Bharti Airtel has obtained licenses under the Export Promotion Credit Guarantee ('EPCG') Scheme for importing
capital goods at a concessional rate of customs duty against submission of bank guarantee and bonds.
Under the terms of the respective schemes, the Company is required to export goods of FOB value equivalent
to, or more than, five times the CIF value of imports in respect of certain licenses and eight times the duty saved
in respect of licenses where export obligation has been refixed by the order of Director General Foreign Trade,
Ministry of Finance, as applicable within a period of eight years from the import of capital goods. The Export
Promotion Capital Goods Scheme, Foreign Trade Policy 2004-2009 as issued by the Central Government of
India, covers both manufacturer exporters and service providers. Accordingly, in accordance with Clause 5.2 of
the Policy, export of telecommunication services would also qualify.
Accordingly, the Company was required to export goods and services of FOB value of Rs. 2,596,473 thousand
(March 31, 2008 Rs. 1,087,184 thousand).
5.
a)
Estimated amount of contracts to be executed on capital account and not provided for (net of advances)
Rs. 29,526,399 thousand (March 31, 2008- Rs. 63,603,778 thousand).
b) Under the IT Outsourcing Agreement, the Company has commitments to pay Rs. 7,563,213 thousand
(March 31, 2008 Rs. 8,009,806 thousand).
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7/21/2009, 9:23 PM
6.
Employee benefits
a)
During the year, the Company has recognized the following amounts in the Profit & Loss Account
Defined Contribution Plans
(Rs. 000)
Particulars
For the
Year ended
March 31, 2009
For the
Year ended
March 31, 2008
430,173
2,162
755
415,323
1,173
1,093
Employers Contribution to Provident Fund *@

Employers Contribution to Super annuation Fund #
Employers Contribution to ESI *
* Included in Contribution to Provident and Other Funds (Refer Schedule 16)

# Included in Salaries, Wages and Bonus (Refer Schedule 16)
@ Includes Contribution to Defined Contribution Plan for Key Managerial Personnel (Refer Note 16 below)
Defined Benefit Plans
Gratuity liability and leave encashment liability are defined benefit obligations and are provided for on the
basis of an actuarial valuation on projected unit credit method made at the end of each financial year.
For the year ended March 31, 2009
(Rs. 000)
Particulars
Funded
Gratuity #
Unfunded
Total
Leave Encashment #
Unfunded
Current service cost

Interest cost
Expected Return on plan assets
Actuarial (gain)/loss
Past service cost
Curtailment and Settlement cost/(credit)
137,385
24,644
(4,864)
121,656
-
16,290
8,777
(30)
(7,094)
-
153,675
33,421
(4,894)
114,562
-
137,873
34,851
34,078
-
Net cost
278,821
17,943
296,764
206,802
Funded
Gratuity #
Unfunded
Total
Leave Encashment #
Unfunded
94,819
18,363
(4,768)
88,695
-
20,367
8,401
4
(13,666)
-
115,186
26,764
(4,764)
75,029
-
190,667
27,491
81,103
-
197,109
15,106
212,215
299,261
For the Year ended March 31, 2008

(Rs. 000)
Particulars
Interest cost
Actuarial (gain) / loss
Past service cost
Net cost

Particulars
Gratuity
Discount Rate
Expected Rate of increase in Compensation levels
-Ist Three Years
-Thereafter
Expected Rate of Return on Plan Assets
Expected Average remaining working lives of employees (years)
7.50%
Leave
Encashment
7.50%
15.00%
7.00%
7.50%
25.23 years
15.00%
7.00%
NA
25.23 years
b) The assumptions used to determine the benefit obligations are as follows :
123
123
7/21/2009, 9:23 PM

Particulars
Gratuity
Discount Rate
c)
7.50%
7.00%
7.50%
25.85 years
Reconciliation of opening and closing balances of benefit obligations and plan assets
(Rs. 000)
Particulars
Funded
Gratuity
Unfunded
Total
Leave Encashment
Unfunded
Change in projected benefit obligation (PBO)

Projected benefit obligation at beginning of year
Interest cost
Benefits paid
Curtailment and Settlement cost
Contribution by plan participants
Past service cost
345,363
137,385
24,644
(4,937)
100,257
16,290
8,777
(84,228)
114,605
445,620
153,675
33,421
(84,228)
109,668
464,676
137,873
34,851
(193,843)
34,077
Projected benefit obligation at year end
502,455
155,701
658,156
477,634
Change in plan assets :

Fair value of plan assets at beginning of year
Expected return on plan assets
Actuarial gain/(loss)
Employer contribution
Settlement cost
Benefits paid
65,247
4,894
(4,893)
10,634
-
65,247
4,894
(4,893)
10,634
-
Fair value of plan assets at year end
75,882
75,882
Net funded status of the plan
(426,573)
(155,701) (582,275)
(477,634)
Net amount recognized
(426,573)
(155,701) (582,275)
(477,634)
(Rs. 000)
Particulars
Funded
Gratuity
Unfunded
Total
Leave Encashment
Unfunded
112,093 356,850
20,367 115,186
8,401
26,764
(102,217) (123,475)
61,613
70,295
366,542
190,667
27,491
(201,127)
81,103
Change in projected benefit obligation (PBO)

Projected benefit obligation at beginning of year
Interest cost
Benefits paid
Past service cost
244,757
94,819
18,363
(21,258)
8,682
345,363
100,257
445,620
464,676

Settlement cost
Benefits paid
63,526
4,764
(4,733)
23,219
(21,529)
63,526
4,764
(4,733)
23,219
(21,529)
Leave
Encashment
7.50%
7.00%
NA
25.85 years
65,247
(280,116)
(100,257) (380,373)
(464,676)
(280,116)
(100,257) (380,373)
(464,676)
124
65,247
7/21/2009, 9:23 PM
d) The expected rate of return on plan assets was based on the average long-term rate of return expected to
prevail over the next 15 to 20 years on the investments made by the LIC. This was based on the historical
returns suitably adjusted for movements in long-term government bond interest rates. The discount rate is
based on the average yield on government bonds of 20 years.
e)
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority,
promotion and other relevant factors, such as supply and demand in the employment market.
f)
The Company made annual contributions to the LIC of an amount advised by the LIC. The Company was not
informed by LIC of the investments made by the LIC or the break-down of plan assets by investment type.
g) Estimated amounts of benefits payable within next year are Rs. 242,918 thousand (March 31, 2008
Rs. 220,206 thousand).
h) The table below illustrates experience adjustment disclosure as per para 120 (n) (ii) of Accounting Standard
15, 'Employee Benefits'
Gratuity
Particulars
Defined benefit obligation

Plan assets
Surplus / (deficit)
Experience adjustments
on plan liabilities
Experience adjustments
on plan assets
i)
Leave Encashment
For the year

ended March
31, 2009
For the year

ended March
31, 2008
For the year

ended March
31, 2007
For the year

ended March
31, 2009
For the year

ended March
31, 2008
For the year

ended March
31, 2007
658,156
75,881
(582,275)
445,620
65,247
(380,373)
356,849
63,526
(293,323)
477,634
(477,634)
464,676
(464,676)
366,542
(366,542)
(82,181)
(39,808)
41,650
(16,439)
(68,090)
36,970
(4,894)
(4,733)
393
Movement in provision for Deferred Incentive Plan

(Rs. 000)
Particulars
7.
For the
year ended
March 31, 2009
For the
year ended
March 31, 2008
Opening Balance
Add: Addition during the year
Less : Utilized during the year
103,172
463,797
96,721
218,042
107,708
222,578
Closing Balance
470,248
103,172
Investment in Joint Ventures/Jointly owned assets:

Jointly owned assets
The Company has participated in various consortiums towards supply, construction, maintenance and providing
long term technical support with regards to following Cable Systems. The details of the same are as follows:
Cable Project
SMW-4
AAG - Project
EASSY - Project
EIG - Project
IMEWE- Project
Unity - Project - Common
Unity - Project - Light Up
Total Contribution
WDV as at
March 31, 2009
(Rs. 000)
Share %
(Rs. 000)
Capital Work In
Progress
(Rs. 000)
2,514,188
1,212,110
29,753
550,389
1,157,698
323,939
40,541
331,727
1,212,110
29,753
550,389
1,157,698
323,939
40,541
1,763,754
-
10.76%
7.08%
1.11%
7.09%
12.79%
10%
13.91%
Joint Ventures
b) The Company entered into a Joint Venture with 9 other overseas mobile operators to form a regional
alliance called the Bridge Mobile Alliance incorporated in Singapore as Bridge Mobile Pte Limited. The
principal activity of the venture is creating and developing regional mobile services and managing the Bridge
Mobile Alliance Programme. The Company has invested USD 2,200 thousand, amounting to Rs. 92,237
thousand, in 2,200 thousand ordinary shares of USD 1 each which is equivalent to an ownership interest of
10.00% as at March 31, 2008 (March 31, 2007: USD 2,200 thousand, Rs. 92,237 thousand, ownership
interest 10.00%)
a)
125
125
7/21/2009, 9:23 PM
c)
The following represent the Company's share of assets and liabilities, and income and results of the joint
venture.
(Rs. 000)
Particulars
As at
March 31, 2009
As at
March 31, 2008
(5,966)
9,901
-
(19,325)
11,603
-
6,711
76,508
7,154
68,541
4,417
11,955
Balance Sheet
Reserve and surplus
Fixed assets, (net)
Investments
Current assets
Sundry Debtors
Cash and bank
Loans and advances
Current liabilities and provisions
(Rs. 000)
Particulars
For the
year ended
March 31, 2009
For the
year ended
March 31, 2008
17,244
-
14,245
1,478
14,876
5,845
(2,153)
4,536
(5,860)
11,732
8,751
(1,776)
3,982
(6,966)
Profit & Loss Account

Service revenue
Other income
Expenses
Operating expenses
Selling, general and administration expenses
Finance expenses/(income)
Depreciation
Profit/(Loss)
8.
During the year ended March 31, 2005 the Company issued USD 115,000,000 Zero Coupon Convertible Bonds
due 2009 (the FCCBs). The FCCBs are convertible at any time on or after June 12, 2004 (or such earlier date as
is notified to the holders of the FCCBs by the Issuer) up to April 12, 2009 by holders into fully paid equity shares
with full voting rights with a par value of Rs. 10 each of the Issuer (Shares) at an initial Conversion Price (as
defined in the Terms and Conditions of the FCCBs) of Rs. 233.17 per share with a fixed rate of exchange on
conversion of Rs. 43.56 = USD 1.00. The Conversion Price is subject to adjustment in certain circumstances.
The FCCBs could be redeemed, in whole or in part, at the option of the Issuer at any time on or after May 12,
2007 and prior to April 12, 2009, subject to satisfaction of certain conditions, at their Early Redemption
Amount (as defined in the Terms and Conditions of the FCCBs) at the date fixed for such redemption if the
Closing Price (as defined in the Terms and Conditions of the FCCBs) of the Shares translated into U.S.
dollars at the prevailing rate (as defined in the Terms and Conditions of the FCCBs) for each of 30 consecutive
Trading Days (as defined in the Terms and Conditions of the FCCBs), the last of which occurs not more than
five days prior to the date upon which notice of such redemption is published, is greater than 120 per cent of the
Conversion Price (as defined in the Terms and Conditions of the FCCBs) then in effect translated into U.S.
dollars at the rate of Rs. 43.56 = USD 1.00.
The FCCBs could also be redeemed in whole, and not in part, at any time at the option of the Issuer at their Early
Redemption Amount if less than 5 per cent in aggregate principal amount of the FCCBs originally issued is
outstanding.
The FCCBs could also be redeemed in whole, at any time at the option of the Issuer at their Early Redemption
Amount in the event of certain changes relating to taxation in India.
The Issuer will, at the option of any holder of any FCCBs, repurchase at the Early Redemption Amount such
FCCBs at such time as the Shares cease to be listed or admitted to trading on the NSE or upon the occurrence
of a Change of Control (as defined in the "Terms and Conditions of the FCCBs") in respect of the Issuer. These
FCCBs were listed in the Singapore Exchange Securities Trading Limited (the SGX-ST).
The Company has during the year ended March 31, 2009, converted FCCBs equivalent to USD 500,000 into
93,408 equity shares of the Company at the option exercised by the bond holders which is as follows:
Date of Allotment
2-Jun-08
Total
126
No. of shares allotted

93,408
FCCB value (USD)

500,000
93,408
500,000
7/21/2009, 9:23 PM
Before April 12, 2009 the Company has received notices for conversion of the FCCBs, equivalent to USD
350,000 convertible into 65,385 equity shares of the company.
The balance FCCBs equivalent to USD 50,000 will be redeemed in US Dollars at 111.84% of their principal
amount after completion of the statutory formalities.
9.
Rs. 3,424,931 thousand (March 31, 2008 Rs. 3,478,690 thousand) included under Current Liabilities, represents
refundable security deposits received from subscribers on activation of connections granted thereto and are
repayable on disconnection, net of outstanding, if any and security deposits received from channel partners.
Sundry debtors are secured to the extent of the amount outstanding against individual subscribers by way of
security deposit received from them.
10. As at March 31, 2009 2,090,245 equity shares (March 31, 2008 2,317,645 equity shares) of the Company are
held by Bharti Tele-Ventures Employee's Welfare Trust issued at the rate of Rs. 51.36 per equity share fully paid
up.
11. Sales and Marketing under Schedule 17 includes goodwill waivers which are other than trade discount, of
Rs. 340,299 thousand (March 31, 2008 Rs. 286,177 thousand).
12. (a) Loans and advances in the nature of loans have been given to subsidiaries. Refer note 23 below for amount
outstanding and maximum amount outstanding during the year.
(b) Loan and advance in the nature of loan bearing nil interest given to Bharti Telemedia Limited Rs. 6,384,291
thousand.
13. Particulars of securities charged against secured loans taken by the Company are as follows :
Particulars
Amount
Outstanding
(Rs. 000)
Security Charges
Debentures
11.70%, 50 Non-convertible
Redeemable Debentures of
Rs. 10,000 thousand each
repayment commencing
from Dec 2009
Vehicle Loan From Bank

Total
500,000
17,304
First ranking pari passu charge on all present and

future tangible movable and freehold immovable
assets owned by Bharti Airtel Limited including plant
and machinery, office equipment, furniture and
fixtures fittings, spares tools and accessories
All rights, titles, interests in the accounts, and monies
deposited and investments made there from and in
project documents, book debts and insurance policies.
Secured by Hypothecation of Vehicles of the
company.
517,304
Note : Following shall be excluded from Securities as mentioned above:a) Intellectual properties of Bharti Airtel.
b) Investment in subsidiaries of Bharti Airtel.
c) Licenses issued by DoT to provide various telecom services.
127
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7/21/2009, 9:23 PM
14. Expenditure/Earnings in Foreign Currency (on accrual basis) :

(Rs. 000)
Particulars
For the
year ended
March 31, 2009
For the
year ended
March 31, 2008
Expenditure
On account of :
Interest
Professional and Consultation Fees
Travelling
Roaming Charges (Incl. Commission)
Membership and Subscription
Staff Training and Others
Network Services
Annual Maintenance
Bandwidth Charges
Access Charges
Software
Marketing
Upfront fee on borrowings
Content Charges
Charity and Donation
Point of Presence Charges
Directors Commission and Sitting Fees
Agency Fees and Premium fees
Listing Fees
1,999,983
122,323
1,773
2,860,862
14,277
63,827
915,886
502,434
1,144,713
11,890,341
26,031
25,956
74,907
3,098
17,801
100,601
5,662
59,794
32
1,689,932
444,809
2,392
2,407,908
16,134
29,143
309,442
332,433
1,099,062
10,351,147
55,358
10,284
154,128
73,903
8,664
-
Total
19,830,301
16,984,739
Earnings
Roaming Revenue
Billing Revenue
Management Charges
4,892,441
13,173,828
27,285
2,934,558
12,445,764
-
Total
18,093,554
15,380,322
15. CIF Value of Imports :

(Rs. 000)
Particulars
Capital Goods
Total
For the
year ended
March 31, 2009
33,833,931
For the
year ended
March 31, 2008
48,678,095
33,833,931
48,678,095
16. The aggregate managerial remuneration under section 198 of the Companies Act, 1956 to the directors (including
managing director) is:
(Rs. 000)
Particulars
Whole-time directors
Salary
Contribution to Provident fund and other funds
Reimbursements and Perquisites
Performance Linked Incentive
Total Remuneration payable to whole-time directors
Non Whole-time directors
Commission
Sitting Fees
Total amount paid /payble to non whole-time directors
Total Managerial Remuneration
For the
year ended
March 31, 2009
For the
year ended
March 31, 2008
111,193
12,949
595
151,686
276,423
101,704
12,204
470
150,120
264,498
14,056
480
14,536
290,959
10,903
739
11,642
276,140
* As the future liability for Gratuity and Leave Encashment is provided on actual basis for the Company as a whole, the
amount pertaining to Directors is not ascertainable and, therefore, not included above.
128
7/21/2009, 9:23 PM
Computation of Net Profit in accordance with Section 349 of the Companies Act, 1956, and calculation of
Remuneration payable to Directors.
(Rs. 000)
Particulars
For the
year ended
March 31, 2009
For the
year ended
March 31, 2008
Net Profit before tax from ordinary activities

Add: Remuneration to whole-time directors
Add: Amount Paid to Non whole-time directors
Add: Depreciation and Amortisation provided in the books *
Add: (Profit)/Loss on Sales of Fixed Assets
Add: Provision for doubtful debts and advances
Less: Depreciation under Section 350 of the Companies Act,1956
81,615,367
276,423
14,536
33,850,990
(38,899)
2,684,358
33,850,990
69,725,423
264,498
11,642
34,326,534
32,075
1,172,833
34,326,534
Net Profit/(Loss) for the year Under Section 349

Maximum amount paid/payable to non whole-time directors
Restricted to 1%
Maximum Amount paid/payable to whole-time directors
Restricted to 10%
84,551,785
845,518
71,206,471
712,065
8,455,179
7,120,647
290,959
276,140
Amount Paid / Payable to Directors
* The Company provides depreciation on Fixed Assets based on useful lives of assets that are lower than those
implicit in Schedule XIV of the Companies Act, 1956. Accordingly the rates of depreciation followed by Company
are higher than the minimum prescribed rate as per Schedule XIV.
Remuneration paid/payable to director from subsidiary company Rs. 39,120 thousand (March 31, 2008 Nil).
17. Auditors Remuneration :
(Rs. 000)
Year ended
March 31, 2009
Year ended
March 31, 2008
Audit Fee*
- As adviser, or in any other capacity, in respect of(i) taxation matters;
(ii) company law matters;
(iii) management services; and
- in any other manner *
- Reimbursement of Expenses *
38,888
24,150
150
Nil
Nil
6,239
4,659
Nil
Nil
Nil
18,000
2,403
Total
49,936
44,553
* Excluding Service Tax
Sr No
Particulars
The principal amount and the interest due thereon[Rs. 871 thousand
(March 31, 2008 Rs. Nil)] remaining unpaid to any supplier as at
the end of each accounting year
The amount of interest paid by the buyer in terms of section 16 of
the Micro Small and Medium Enterprise Development Act, 2006,
along with the amounts of the payment made to the supplier beyond
the appointed day during each accounting year.
The amount of interest due and payable for the period of delay in
making payment (which have been paid but beyond the appointed
day during the year) but without adding the interest specified under
Micro Small and Medium Enterprise Development Act, 2006.
The amount of interest accrued and remaining unpaid at the end of
each accounting year;
The amount of further interest remaining due and payable even in the
succeeding years, until such date when the interest dues as above
are actually paid to the small enterprise for the purpose of disallowance
as a deductible expenditure under section 23 of the Micro Small and
Medium Enterprise Development Act, 2006.
4
5
March 31,
2009
March 31,
2008
44,258
871
18. Amounts due to micro, and small enterprises under Micro, Small and Medium Enterprises Development Act,
2006 aggregate to Rs. 44,258 thousand (March 31, 2008 - Rs. Nil) based on the information available with the
Company and the confirmation received from the creditors till the year end. :
129
129
7/21/2009, 9:23 PM
19. Quantitative Information

2008-09
Particulars
Year ended
Purchases
March 31, 2008
Simcards (Refer Note 2 below)

TDMA/PAMA VSATs Assembly
sets (Refer Note 3 below)
Internet Modem, Handsets
Antennae and others
(Refer Note 3 below)
Qty
Nos.
28,638,046
-
Value
(000)
548,788
2,453
17,366
Utilisation
Sales

2008-09
2008-09
Qty
Value
Qty
Value
Nos.
(000)
Nos.
(000)
78,966,688 1,835,243 79,757,550 1,618,471
73,899
63,324
-
568,607
960,285
- 1,010,678
2,869,427
2,692,473
Year ended

March 31, 2009
2008-09
Qty
Value
Qty
Value
Nos.
(000)
Nos.
(000)
459 27,847,184 602,211
8,211
6,646
-
138,480
12,653
147,150
621,510
2007-08
Particulars
Year ended
Acquired Under
Purchases
Utilisation
Sales
Year ended
March 31, 2007
scheme of
March 31, 2008
Amalgamation
Simcards (Refer Note 2 below)

TDMA/PAMA VSATs Assembly
sets (Refer Note 3 below)
Internet Modem, Handsets Antennae
& others (Refer Note 3 below)
2007-08
2007-08
2007-08
2007-08
Qty
Value
Qty
Value
Qty
Value
Qty
Value
Qty
Value
Qty
Value
Nos.
(000)
Nos.
(000)
Nos.
(000)
Nos.
(000)
Nos.
(000)
Nos.
(000)
21,317,524
464,994
884,522 48,862,562
800,728
37,795 28,638,046
548,788
3,761
9,390
478,145
- 56,183,084
6,510
229
3,817
7,885
1,468,945
1,120,187
14,395
2,353,696
1,924,732
268,711
81,077
387,583
2,453
17,366
568,607
(1) Includes cost transferred from Fixed Assets.

(2) Excludes value of simcards issued free of cost.
(3) The quantitative information for TDMA/PAMA VSATs, Assembly sets, Modems, handsets antennas and others has not been given since
they constitute voluminous small items.
(4) Utilisation includes internal utilisation.
(5) Includes deferred revenue recognized during the year with respect to sim cards.
20. The details of investments required as per Schedule VI of the Companies Act 1956 are provided below:
(a) Details of Investments held as at March 31, 2009
(Rs. 000)
Particulars
Other than Trade (Unquoted)- Deposits & Bonds

7.30% REC Secured Bonds
7.16% Certificate of Deposit of Axis Bank Ltd
7.23% Certificate of Deposit of Kotak Bank Ltd
6.75% Certificate of Deposit of Allahabad Bank
7.59% Certificate of Deposit of Yes Bank
6.87% Certificate of Deposit of Punjab National Bank
6.87% Certificate of Deposit of Punjab National Bank
6% ICD with Rabo India Finance Limited
As at March
31, 2009
(No. of Units)
As at March
31, 2009
Cost
As at March
31, 2008
(No. of Units)
As at March
31, 2008
Cost
30
2,500
2,500
5,000
2,500
2,000
500
1
27,703
247,284
247,306
492,800
247,407
195,907
48,977
250,000
30
-
27,069
-
Total (A)
1,757,384
Other than trade (Unquoted) - Government Securities

National Saving Certificate
Deposits
18
-
Total (B)
18
-
1,835
Other than Trade (Quoted)- Mutual Funds and Bonds

Birla Sun Life Medium Term Plan - Instl Growth
50,000,000
HDFC Liquid Fund - Premium Plan - Growth *
115,190,391
Principal Cash Management Fund Liquid Option Instl.
7,662,244
Prem. Plan - Growth
ICICI Prudential Institutional Liquid Plan - Super Institutional Growth 143,331,889
Canara Robeco Floating Rate Short Term Fund Growth Fund
7,369,197
Templeton India Treasury Management Account Super
261,789
Institutional Plan - Growth
TATA Floater Fund - Growth
31,654,324
Religare Liquid Fund - Super Institutional Growth
4,321,579
Birla Sun Life Cash Plus - Instl. Prem. - Growth
55,092,791
1,800
35
27,069
130
1,800
39
1,839
500,000
2,027,711
103,738
61,726,490
59,399,824
1,000,000
750,000
1,858,426
100,000
331,150
62,949,565
208,451
750,000
250,000
406,787
51,929
774,748
44,998,020
77,437,740
500,000
1,000,000
7/21/2009, 9:23 PM
(Rs. 000)
Particulars
As at March
31, 2009
(No. of Units)
As at March
31, 2009
Cost
As at March
31, 2008
(No. of Units)
As at March
31, 2008
Cost
Fortis Money Plus Institutional Growth

3,824,517
UTI Money Market Fund - Growth Plan
93,850,910
DBS Chola Freedom Income STP-Inst.-Cum-Org
7,092,508
Reliance Liquidity Fund - Growth Option
22,651,083
Kotak Floater Long Term - Growth
63,860,748
ICICI Prudential Flexible Income Plan Premium - Growth
30,768,095
DWS Insta Cash Plus Fund - Super Institutional Plan - Growth
143,887,898
Tata Liquid Super High Inv. Fund - Appreciation
1,329,729
JP Morgan India Treasury Fund - Super Inst. Growth Plan
35,374,038
Religare Quarterly Interval Fund - Plan F - Growth
8,846,270
DWS Ultra Short Term Fund - Institutional Growth
19,683,683
JM High Liquidity Fund - Super Institutional Plan - Growth
37,944,996
Fidelity Ultra Short Term Debt Fund Super Institutional - Growth 31,284,742
UTI Liquid Cash Plan Institutional - Growth Option
707,797
Sundaram BNP Paribas Money Fund Super Inst. Growth
8,853,107
SBI Magnum Insta Cash Fund - Cash Option
5,264,874
Bharti Axa Liquid Fund - Super Institutional Plan - Growth
161,378
Bharti Axa Treasury Advantage Fund - Institutional Plan - Growth
83,861
Reliance Medium Term Fund - Retail Plan 47,904,440
Growth Plan - Growth Option
Birla Sun Life Short Term Fund - Institutional Growth
8,688,053
IDFC Money Manager Fund - Treasury Plan 51,224,769
Super Inst Plan C - Growth
Bharti Axa Short Term Income Fund - Institutional Plan- Growth
5,000,000
TATA Liquid Super High Inv. Fund
35,824
Tata Floating Rate Short Term Inst. Plan - Growth
IDFC Liquidity Manager - Plus - Growth
ING Liquid Fund Super Institutional - Growth Option
HSBC Cash Fund - Institutional Plan - Growth
Templeton Floating Rate Income Fund-Short Term
Plan-Institutional Option - Growth
Reliance Liquid Plus Fund - Institutional Option - Growth Plan
Principal Floating Rate Fund - Fmp-Insti. Option - Growth Plan
AIG India Liquid Fund - Super Institutional Growth
AIG India Treasury Plus Fund Super Institutional Growth
DBS Chola Liq Sup Inst. Plan - Cumulative
HDFC Floating Rate Income Fund - Short Term Plan Wholesale Option - Growth
IDFC Fixed Maturity Plan - Quarterly Series 25 - Growth
HDFC Fmp 90D June 2008(Viii) (1) - Wholesale Plan Growth
AIG Short Term Fund Institutional Growth
Reliance Floating Rate Fund-Growth Plan - Growth Option
Principal Floating Rate Fund Smp Inst. Option -Growh Plan
-
50,010
2,303,180
100,016
300,000
885,867
500,000
1,641,502
2,155,140
401,304
100,000
201,571
522,072
351,982
1,018,788
162,170
102,353
164,279
83,861
867,940
16,516,913
37,488,847
95,466,305
43,166,002
563,236
-
200,000
500,000
1,000,000
450,113
750,000
-
88,044
531,230
50,000
56,208
-
145,637,182
647,789
20,726,591
58,741,982
41,583,846
1,850,000
750,000
250,000
750,000
500,000
1,043,485
11,934,834
479,316
15,634,166
26,903,175
11,018,378
1,139,373
152,007
500,000
163,246
300,000
150,522
25,000,000
25,000,000
50,000
78,972,723
39,462,053
250,000
250,000
50,000
1,000,000
500,000
18,792,006
15,705,261
TOTAL (A) + (B) + (C)
20,551,225
15,734,169
Total (C)
131
131
7/21/2009, 9:23 PM
(b) Details of trade investment purchased and sold during the year
Trade investment
Balance as on
April 1, 2008
Units
(Rs. 000)
Investment in Subsidiaries
Bharti Hexacom Limited
Bharti Infratel Limited *
Bharti Telemedia Limied
Bharti Aquanet Limited #
Network i2i Limited
Bharti Airtel Lanka (Private) Limited
Bharti Airtel (Canada) Limited
Bharti Airtel (Hongkong) Limited **
Bharti Airtel (Singapore) Private Limited**
Bharti Airtel Holdings (Singapore) Pte Limited@
Bharti Airtel (UK) Limited**
Bharti Airtel (US) Limited**
Bharti Airtel Services Limited
Investment in Joint Ventures
Bridge Mobile Pte. Limited
Investment in Associates
Bharti Teleports Limited
Others
Investment in IFFCO JV
Total Trade Investment
Purchased
During the Year
Units
(Rs. 000)
166,501,980
5,207,748
8,498,000
50,000 82,181,703 499,950,000
4,080,000
40,902
2,500,000
261,549
9,000,000
5,316,039
100
- 525,596,320
100
4
1
26,333
4,959,479
1
20,139
750,000
1
1
87,609
123,662
200
508,971
100
100,000
1,000
-
Sale / Redemption
Units
(Rs. 000)
509,880
2,049,411
1,106,553
13,003
-
2,500,000
-
261,549
-
2,200,000
92,237
1,470,000
14,700
100,000
50125
93,794,359
3,693,547
261,549
* Bonus shares alloted during the year.

# Merged with Bharti Airtel Limited as on January 1, 2009 (Refer note 2 (b) on Schdule 22)
** Shares alloted during the year against share application money.
@ Share Application Money (Pending allotment)
c)
In terms of the approval granted by the Central Government vide its letter No. 46/90/2009-CL-III dated April 21,
2009 under Section 211(4) of the Companies Act, 1956, the Company has been exempted from the requirement
of the disclosure of the movement relating to purchase and sale of other than trade investments.
132
7/21/2009, 9:23 PM
21. The Company uses various premises on lease to install the equipment. A provision is recognized for the costs to
be incurred for the restoration of these premises at the end of the lease period. It is expected that this provision
will be utilized at the end of the lease period of the respective sites as per the respective lease agreements. The
movement of Provision in accordance with AS-29 'Provisions, Contingent Liabilities and Contingent Assets'
notified under Companies Accounting Standards Rules, 2006 ('as amended') , is given below:
Site Restoration Cost:
(Rs. 000)
Particulars
Opening Balance
Addition during the year
Less : Transferred under the Scheme of Arrangement*
Closing Balance
For the
year ended
March 31, 2009
For the
year ended
March 31, 2008
1,150,541
8,984
(882,872)
3,257,028
1,104,817
(3,211,304)
276,653
1,150,541
*Transferred to Bharti Infratel Limited as per the scheme of arrangement (Refer Note 2(b) on Schedule 22).
22. Information about Business Segments - Primary
(Rs. 000)
Revenue
Service Revenue/Sale of
Goods and Other Income
Inter Segment Revenue
Mobile
Services
Telemedia
Services
Enterprise
Services
Carriers
Enterprise
Services
Corporate
Others
274,918,524
30,930,923
24,186,244
11,152,729
361,850
Eliminations
Total
- 341,550,270
7,814,275
2,184,489
43,203,270
3,941,886
282,732,799
33,115,412
67,389,514
15,094,615
Results
Segment Result, Profit/(Loss)
Net Finance Expense/(Income)
63,994,377
-
8,149,339
-
25,698,802
-
5,772,574
-
(4,359,883)
17,639,842
99,255,209
17,639,842
Net Profit/(Loss)
63,994,377
8,149,339
25,698,802
5,772,574 (21,999,725)
81,615,367
9,173,614
(1,396,304)
358,731
(3,959,059)
9,173,614
(1,396,304)
358,731
(3,959,059)
5,772,574 (26,176,707)
77,438,385
Total Revenue
Provision for Tax

- Current Tax
-MAT Credit
- Deferred Tax (Credit)/Charge
Net Profit / (Loss) after tax
- (57,143,920)
361,850 (57,143,920) 341,550,270
63,994,377
8,149,339
25,698,802
Other Information
Segment Assets
Inter Segment Assets
Deferred Tax Asset
Advance Tax
(Net of provision for tax)
218,751,570
121,698,562
-
50,331,323
16,848,857
-
65,566,906
82,145,831
-
12,184,072 140,100,735
- 486,934,606
17,542,894
458,805 (238,694,949)
3,271,103
3,271,103
894,226
894,226
Total Assets
340,450,132
67,180,180 147,712,737
29,726,966 144,724,869 (238,694,949) 491,099,935
Segment Liabilities
Inter Segment Liabilities
Total Liabilities
Capital Expenditure
Depreciation and amortisation
92,405,619
57,714,286
7,928,447
47,328,000
23,981,740
60,295,361
150,119,905
55,256,447
84,277,101
73,790,902
24,097,795
16,554,505
6,034,562
20,316,433
4,300,307
6,149,105
5,450,961
84,195,380
- 214,660,291
67,906,341 (238,694,949)
-
11,600,066 152,101,721 (238,694,949) 214,660,291

3,014,407
1,593,395
334,392 (19,428,759)
448,558 (2,623,627)
94,581,880
33,850,990
Reportable Segments
133
133
7/21/2009, 9:23 PM

(Rs. 000)
Reportable Segments
Revenue
Total Revenue
Results
Segment Result,
Profit/(Loss)
Net Finance Expense/
(Income)
Net Profit/(Loss)
Provision for Tax
- Current Tax
- MAT Credit
- Deferred Tax (Credit)/ Charge
Net Profit/(Loss) after tax
Other Information
Segment Assets
Advance Tax
(Net of provision for tax)
Mobile
Services
Telemedia
Services
Enterprise
Services
Carriers
Enterprise
Services
Corporate
Others
200,977,027
27,198,148
21,867,022
9,301,712
49,768
Eliminations
Total
- 259,393,677
5,053,513
1,201,863
21,541,899
3,343,008
206,030,540
28,400,011
43,408,921
12,644,720
55,388,152
6,136,197
11,600,696
5,059,857
(3,622,399)
74,562,503
4,837,080
4,837,080
55,388,152
6,136,197
11,600,696
5,059,857
(8,459,479)
69,725,423
8,835,340
(241,767)
372,293
(1,682,365)
8,835,340
(241,767)
372,293
(1,682,365)
55,388,152
6,136,197
11,600,696
5,059,857 (15,742,980)
62,441,922
181,196,798
63,944,556
41,143,736
3,415,183
50,326,079
51,267,864
- (31,140,283)
49,768 (31,140,283) 259,393,677
10,950,722 106,209,249
- 389,826,584
7,944,749
5,384,534 (131,956,886)
-
119,902
119,902
Total Assets
245,141,354
44,558,919 101,593,943
Segment Liabilities
128,198,487
20,828,994
-
7,386,028
33,088,439
-
19,741,133
42,213,069
-
5,938,551
611,767
-
25,628,669
- 186,892,868
35,214,617 (131,956,886)
638,684
638,684
Total Liabilities
149,027,481
40,474,467
61,954,202
6,550,318
61,481,970 (131,956,886) 187,531,552
83,653,965
25,857,327
11,063,082
5,475,156
13,664,122
3,316,891
6,521,552
1,029,786
Capital Expenditure
18,895,471 111,713,685 (131,956,886) 389,946,486
2,234,407 (20,047,820)
192,094 (1,544,720)
97,089,308
34,326,534
Segment Definitions
Mobile Services These services cover telecom services provided through cellular mobile technology wherein a
subscriber is connected to the network through wireless equipment. The subscriber can freely roam around
anywhere and stay connected wherever the wireless network coverage is available.
Telemedia Services (formerly Broadband and Telephone Services) These services are provided through wireline connectivity to the subscriber. The end-user equipment is connected through cables from main network
equipment (i.e. switch) to subscriber's premises.
Enterprise Services Carriers The domestic and international long distance services are intermediary services
provided to the service providers of cellular or fixed line services. Using these services, these other service
providers route their long distance calls i.e. outside local boundaries of a city area.
Enterprise Services Corporate These services include internet services, broadband services, providing bandwidth
and other network solutions to corporate customers.
Other operations These comprise the unallocated revenues, profits/(losses), assets and liabilities of the Group
none of which constitutes a separately reportable segment. The corporate headquarters' expenses are not
charged to individual segments.
Notes:
1. Others represents the Unallocated Revenue, Profit/(Loss), Assets & Liabilities.
2. Segment results represents Profit/(Loss) before Finance Expenses and tax.
3. Capital expenditure pertains to gross additions made to fixed assets during the year.
4. Segment Assets include Fixed assets, Capital Work in Progress, Pre-operative Expenses pending allocation, Current
Assets and Miscellaneous Expenditure to the extent not written off.
5. Segment Liabilities include Secured and Unsecured Loans, Current Liabilities and Provisions.
6. Inter segment Assets / Liabilities represent the inter segment account balances.
7. Inter segment revenues excludes the provision of telephone services free of cost among group companies. Others are
accounted for on terms established by management on arm's length basis. These transactions have been eliminated in
consolidation.
8. The accounting policies used to derive reportable segment results are consistent with those described in the "Significant
Accounting Policies" note to the financial statements. Also refer Note 17 of Schedule 21.
134
7/21/2009, 9:23 PM
Information about Geographical Segment Secondary

The Company has operations within India as well as with entities located in other countries. The information
relating to the Geographical segments in respect of operations within India, which is the only reportable segment,
the remaining portion being attributable to others, is presented below :
(Rs. 000)
Particulars
Segment Revenue from external customers based on
geographical location of customers (including Other Income)
Within India
Others
Carrying amount of Segment Assets by geographical location
Within India
Others
Cost incurred during the year to acquire segment assets
by geographical location
Within India
Others
As at
March 31, 2009
As at
March 31, 2008
320,749,835
20,800,435
243,338,746
16,054,931
341,550,270
259,393,677
475,762,581
15,337,354
382,554,995
7,391,491
491,099,935
389,946,486
84,385,721
10,196,159
94,254,007
2,835,301
94,581,880
97,089,308
Notes:
1. Others represents the unallocated revenue, assets and acquisition of segment assets of the Company.
2. Assets include Fixed Assets, Capital Work in Progress, Investments, Deferred Tax Asset, Current Assets
and miscellaneous expenditure to the extent not written off.
3. Cost incurred to acquire segment assets pertain to gross additions made to Fixed Assets during the year.
23. Related Party Disclosures :
In accordance with the requirements of Accounting Standards (AS) -18 on Related Party Disclosures, the names
of the related parties where control exists and/or with whom transactions have taken place during the year and
description of relationships, as identified and certified by the management are:
List of Related Parties:
Key Management Personnel :
Sunil Bharti Mittal
Akhil Gupta
Manoj Kohli
Other Related Parties
Subsidiary Companies
Bharti Hexacom limited
Bharti Aquanet Limited (merged with Bharti Airtel Ltd w.e.f. January 1, 2009)
Bharti Airtel (Services) Limited
Bharti Telemedia Limited
Bharti Airtel (USA) Limited
Bharti Airtel Lanka (Private) Limited
Bharti Infratel Lanka (Private) Limited
Bharti Airtel (UK) Limited
Bharti Airtel (Hongkong) Limited
Bharti Infratel Limited
Bharti Infratel Ventures Limited
Network i2i Limited
Bharti Airtel Holdings (Singapore) Pte Limited
Bharti Airtel (Singapore) Private Limited
Name of the Related Party and Relationship
135
135
7/21/2009, 9:23 PM
Entity having significant influence

Singapore Telecommunications Limited
Joint Venture/Joint Venture of Subsidiary
Forum I Aviation Limited
Indus Tower Limited
Bridge Mobile Pte Limited
Entities where Key Management Personnel exercises significant influence / Group Companies
Comviva Technologies Limited (Formerly Bharti Telesoft Limited)
Bharti Teletech Limited
Bharti Tele-Ventures Employees Welfare Trust
Bharti Wal-Mart Private Limited
Bharti Enterprises Limited
Bharti Retail Private Limited
Bharti Foundation
Bharti Electoral Trust
Bharti Reatly Private Limited (Formerly Jasmine Projects Private Limited)
Tamarind Projects Private Limited
Telecom (Seychelles) Limited
Guernsey Airtel Limited
Bharti Del Monte India Private Limited
Primerose Projects Private Limited*
Bharti AXA Life Insurance Co. Ltd
Jersey Airtel Limited
Centum Learning Limited (Formerly Bharti Learning System Limited)
Jataayu Software Limited
Bharti AXA General Insurance Co. Limited
Bharti AXA Investment Managers Private Limited
*Merged with Bharti Realty Private Ltd w.e.f January 9, 2008
136
7/21/2009, 9:23 PM
137
137
7/21/2009, 9:23 PM
Purchase of fixed assets/Bandwidth

Sale of fixed assets
Purchase of Investments (Mutual Fund)
Sales of Investments (Mutual Fund)
Rendering of services
Receiving of services
Management fee (including service tax)
Fund transferred/includes expenses
incurred on behalf of others
Fund received/includes expenses
incurred on behalf of Company
Employee related transaction
incurred on hehalf of Company
Salary
Donation
Amount received on exercise
of ESOP options
Security deposit/Advances paid
Security deposit/Advances received
Loan to Related Party
Subscription to share capital
Interest received on fund transferred
Closing balance
Unsecured Loan
Creditors
Loans and Advances
Debtors
Closing Balance
Maximum Loans and Advances
outstanding during the year
Guarnatess and Collaterals
Nature of transaction
Related Party Transaction for 2008-09
659,829
(74,510)
3,659,324
5,379
(1,228,856) (3,561,983)
527,121
7,058,362
849,829
80,629
76,306
-
3,374
546,892 1,063,575
76,306
546,892
987,269
546,892 1,063,575
(8,319)
343,062
266,820
4,212,618
1,722,565
2,490,053
4,212,618
2,611
(9,034,234) (3,214,358)
33,649
3,273,104
9,155,136
(60,269)
1,491,733
Bharti
Airtel
(USA)
Limited
-
Bharti
Airtel
(Services)
Limited
(7,073)
408
Bharti
Hexacom
Limited
1,775
-
13,093
986
(25,643)
(27,418)
1,775
(25,643)
12,720
(35,280)
Bharti
Airtel
(UK)
Limited
-
3,570
-
225
7,409
3,570
3,839
7,409
3,751
-
(162)
(162)
0
(162)
(162)
46,852
-
(10,555)
5
Bharti
Infratel
Limited
(95,700)
13,892
(158,089)
5,665,577
(50)
(40,701)
251,308
57,201
(16,539) (35,484,173)
Bharti
Telemedia
Limited
6,384,465 11,206,561
624,898
1,185
- 1,985,707
- 12,544,332
1,106,553
415,094
- (1,380,187) 6,356,874 1,355,506
- (1,380,187)
(27,417) (675,696)
- 6,384,291 2,031,202
- (1,380,187) 6,356,874 1,355,506
Bharti
Bharti Bharti Airtel
Bharti
Airtel
Airtel
Holdings
Airtel
(Canada) (Hongkong) (Singapore) (Singapore)
Limited
Limited
Limited Pte Limited
- (1,427,039)
-
(272,491)
2,471,450
-
2,471,450
2,049,411
65,455
2,471,450 (4,557,444)
- (4,557,444)
2,471,450
2,471,450 (4,557,444)
Bharti
Network
Airtel Lanka
i2i
(Private)
Limited
Limited
- (1,682,284)
-
(33)
(46,241)
43,255
199
(80,282)
Bharti
Aquanet
Limited
(Rs. 000)
138
7/21/2009, 9:23 PM
Telecommunications
Telecom
Limited
Maximum Loans and Advances outstanding during the year 9,078

-
116
-
(34,753)
1,549,602
(816,584)
531,594
531,594
531,594
Limited
Aviation
Forum I
Limited
Singapore
Bharti

Fund transferred/includes expenses incurred on
behalf of others
Fund received/includes expenses incurred
on behalf of Company
Employee related transaction incurred on behalf of others
Employee related transaction incurred on hehalf of Company
Salary
Donation
Amount received on exercise of ESOP options
Closing balance
9,078
Unsecured Loan
Creditors
Loans and Advances
9,078
Debtors
Closing Balance
9,078
Limited
Towers
Indus
544,237
-
544,237
-
- (3,193,085)
- (3,737,322)
544,237
- (3,193,085)
(15,074) (9,786,743)
Limited
Mobile Pte
Bridge
381
381
381
1,039
-
Limited
Private
Wal-Mart
Bharti
Limited
Teletech
Bharti
(197,497)
(197,497)
(197,497)
(686)
-
20,178
(690,394)
25,857
-
25,857
25,857
25,857
(53,600)
(5,737)
54
-
1,327
102,419
(43,984)
(16,346) (1,045,101)
-
Limited
Technologies
Comviva
738
-
738
738
738
15,064
(12,434)
Limited
(Seychelles)
Telecom
611,418
-
611,418
611,418
611,418
242,591
(188,991)
(126,293)
Limited
Private
Realty
Bharti
10,160
-
10,160
10,160
10,160
4,165
-
Limited
Airtel
Guernsey
(Rs. 000)
14,622
Limited
Private
Projects
Tamarind
139
139
7/21/2009, 9:23 PM
(447)
(1,034)
-
23,740
23,740
*Ceased to be joint Managing Director with effect from August 1, 2008
447
447
Closing Balance
Maximum Loans and Advances outstanding during the year
447
447
-
Closing balance
Unsecured Loan
Creditors
Loans and Advances
Debtors
23,740
23,740
-
23,887
(51)
(3,079)
103,079
-
107,364
107,364
107,364
107,364
-
(11,679)
-
Bharti
Bharti
Bharti
AXA Life Foundation
Teleinsurance
ventures
Co. Ltd.
Employees
Welfate Trust
Bharti
Del Monte
India Private
Limited

Fund transferred/includes expenses incurred on
behalf of others
Fund received/includes expenses incurred
on behalf of Company
Employee related transaction incurred on behalf of others
Employee related transaction incurred on hehalf of Company
Salary
Donation
31,672
31,672
31,672
31,672
-
(365)
-
43,559
(477)
470
470
470
470
-
(166,370)
(6,210)
-
71
1,134
-
Jersey
Bharti
Airtel Enterprises
Limited
Limited
62,610
62,610
62,610
62,610
-
(1,036)
-
5,859
Centum
Learning
Limited
(Formerly
Bharti
Learning
Systems
Limited)
8
(207,551)
5,648
5,648
5,648
5,648
-
(3,936)
5,131
(8,248)
-
13,694
15,871
-
Bharti
Retail
Private
Limited
230
230
230
230
-
1,313
-
(634)
-
- (1,210,027)
911,887
(10,076)
-
Jataayu
Bharti
Bharti
Software Axa General
Axa
Ltd Insurance Investment
Co. Ltd Managers
Private
Limited
14,700
-
Bharti
Teleports
Limited
(110,000)
(7,933)
(7,989)
(7,933) (7,989)
-
(110,000)
-
(7,989)
(7,933)
25,958
Manoj
Kohli
(Rs.000)
(110,000)
21,489
Akhil
Gupta*
228,977
Sunil
Bharti
Mittal
140
7/21/2009, 9:23 PM
(11,450)
(1,685)
(143,440)
3,338,780
1,876,253
1,462,527
3,338,780
1,937,346
339,749
Unsecured Loan
Creditors
Loans and Advances
Debtors
Closing Balance

Guarentees and Collaterals
20,000
(11,450)
(11,450)
135,134
990,327
990,327
(40,902)
990,327
25,740
(57,266) (1,169,076)
(1,790,346)
6,698
28,593 1,275,666
3,583,664
Bharti
Airtel
(Services)
Limited
(8,150)
5,700
(57,314) (2,166,532)
Bharti
Aquanet
Limited
(101,535)
443,597
2,725,095
(527,124)
Bharti
Hexacom
Limited

Salary
Donation
of ESOP options
Purchase of shares of
Interest charged on funds transferred
Closing balance
342,912
-
342,912
342,912
(404,514)
342,912
(12,871)
56,760
Bharti
Airtel
(USA)
Limited
308,901
(15,708)
(3,382)
(3,382)
(31,773)
(3,382)
904
Bharti
Airtel
(UK)
Limited
(4,286)
(240)
(240)
(240)
(240)
(18,148)
-
(20,139)
-
Bharti
Bharti
Bharti
Airtel
Airtel
Airtel
(Canada) (Hongkong) (Singapore)
Limited
Limited Pvt. Limited
-
890,531 17,345,093
545,310
4,055
864,000 1,091,484
26,531
890,531 1,091,484
- (335,115)
890,531 1,091,484
117
-(17,863,812)
25,486
(Rs. 000)
(527,604)
634,633
-
- (527,604)
- (1,643,142)
634,633
634,633 (2,170,746)
634,633 (2,170,746)
(280)
634,913
110,279
110,279
(2,658,020)
110,279
(850,013)
79,265
Bharti
Bharti
Network
Singapore
Infratel Airtel Lanka
i2i
TeleLimited
(Private)
Limited communications
Limited
Limited
(37,737)
- (1,553,399)
939
1,164,107
(6,376,928)
- (174,811) (1,960,328)
865,045 23,627,117
Bharti
Telemedia
Limited
141
141
7/21/2009, 9:23 PM
(27,131)
Guarantees and Collaterals
(1,685)
Debtors
Closing Balance
Loan and Advances
(1,685)
Unsecured Loan
Creditors
(1,685)
Closing balance
580
Purchase of shares of Subsidiary Companies
Interest charged on funds transferred
Donation
Salary
(5,800)
incurred on Behalf of Company
(48,474)
2,970
Limited
Limited
Bridge
Mobile Pte
Forum I
Aviation

Bharti
147
147
147
454
681
Bharti
Limited
Teletech
3,252
3,252
3,252
3,252
(556,707)
4,524
(50,515)
(50,515)
(50,515)
(77)
53,607
(89,785)
5,939
(14,179) (1,543,689)
Limited
Limited
logies
Techno-
Comviva
Private
Wal-Mart
523,791
523,791
523,791
523,791
(440)
1,222
189,122
(52,486)
Limited
Private
Projects
Jasmine
(8,666)
Limited
Private
Projects
Tamarind
Bharti
104,441
dation
12,900
13,015
115
12,900
13,015
(15,873)
(36,586)
3,263
31
15,642
Limited
Foun- Enterprises
Bharti
(3,197)
(3,197)
(3,197)
(10,463)
5,085
(1,994)
1,998
202
Limited
Private
Retail
Bharti
Bharti
200,000
Employees
Ventures
Tele-
Bharti
Bharti
Limited
tech
Venture-
119,043
119,043
119,043
119,043
- (2,658,020)
(14,750)
Welfare Trust
Trust
Electoral
32,087
Kohli
Manoj
(Rs. 000)
24. Operating lease - As a Lessee

The lease rentals charged during the year for cancelable/non-cancelable leases relating to rent of building premises
and cell sites as per the agreements and maximum obligation on long-term non-cancelable operating leases are
as follows:
(Rs. 000)
Particulars
As at
March 31, 2009
As at
March 31, 2008
34,257,208
11,648,029
Obligations on non cancelable leases :

Not later than one year
Later than one year but not later than five years
Later than five years
30,102,470
75,778,742
136,829,016
9,371,291
38,693,887
105,693,775
Total
242,710,228
153,758,953
Lease Rentals
The escalation clause includes escalation at various periodic levels ranging from 0 to 50%, includes option of
renewal from 1 to 99 years and there are no restrictions imposed on lease arrangements.
Operating Lease As a Lessor
i)
The Company has entered into a non-cancelable lease arrangement to provide approximately 100,000
Fiber pair kilometers of dark fiber on indefeasible right of use (IRU) basis for a period of 18 years. The
lease rental receivable proportionate to actual kilometers accepted by the customer is credited to the
Profit and Loss Account on a straight - line basis over the lease term. Due to the nature of the transaction,
it is not possible to compute gross carrying amount, depreciation for the year and accumulated depreciation
of the asset given on operating lease as at March 31, 2009 and accordingly, disclosures required by
AS 19 is not provided.
ii)
The future minimum lease payments receivable are:
Future minimum lease payments received are

Particulars
Total
(Rs. 000)
As at
March 31, 2009
As at
March 31, 2008
164,081
481,121
554,772
7,802
51,891
-
1,199,974
59,693
25. Finance Lease - as a Lessee

The Company entered into a composite IT outsourcing agreement, whereby the vendor supplied fixed assets
and IT related services to the Company. Based on the risks and rewards incident to the ownership, the fixed
asset and liability are recorded at the fair value of the leased assets at the time of receipt of the assets, since it
is not possible for the Company to determine the extent of fixed assets and services under the contract at the
inception of the contract. These assets are depreciated over their useful lives as in the case of the Company's
own assets.
Since the entire amount payable to the vendor towards the supply of fixed assets and services during the year
is accrued, the disclosures as per AS 19 are not applicable.
There are no restrictions imposed on lease arrangements.
142
7/21/2009, 9:23 PM
26. The breakup of net Deferred Tax Asset/(Liability) as on March 31, 2009 is as follows:
(Rs. 000)
Particulars
As at
March 31, 2009
As at
March 31, 2008
4,116,922
3,120,885
(7,063,454)
(4,969,269)
1,406,883
546,980
4,892,398
695,095
(79,772)
(32,375)
(1,874)
3,271,103
(638,684)
Deferred Tax Assets/(Liabilities) arising from :

(i) Provision for doubtful debts/advances charged in financial
statement but allowed as deduction under the Income Tax Act
in future years (to the extend considered realisable)
(ii) Depreciation claimed as deduction under the Income Tax Act
but chargeable in the financial statements in future years
(iii) Other expenses claimed as deduction in the financial statement
but allowed as deduction under Income Tax Act in future year
on actual payment (Net)
(iv) Foreign exchange fluctuation and MTM losses charged in financial
statement but allowed as deduction under the Income Tax Act in
future years (by way of depreciation and actual realisation, respectively)
(v) Less: Transfer under the Scheme of Arrangement
(Refer Note 2(b) of Schedule 22)
(vi) Add: Acquired under the Scheme of Merger
(Refer Note 2(b) of Schedule 22)
Net Deferred Tax Assets/(Liabilities)
The tax impact for the above purpose has been arrived at by applying a tax rate of 33.99% being the substantively
enacted tax rate for Indian companies under the Income Tax Act, 1961.
27. Employee stock compensation
(i) Pursuant to the shareholders' resolutions dated February 27, 2001 and September 25, 2001, the Company
introduced the "Bharti Tele-Ventures Employees' Stock Option Plan" (hereinafter called "the Old Scheme")
under which the Company decided to grant, from time to time, options to the employees of the Company
and its subsidiaries. The grant of options to the employees under the ESOP Scheme is on the basis of their
performance and other eligibility criteria.
(ii) On August 31, 2001 and September 28, 2001, the Company issued a total of 1,440,000 equity shares at
a price of Rs 565 per equity share to the Trust. The Company issued bonus shares in the ratio of 10 equity
shares for every one equity share held as at September 30, 2001, as a result of which the total number of
shares allotted to the trust increased to 15,840,000 equity shares.
(iii) Pursuant to the shareholders' further resolution dated September 6, 2005, the Company announced a new
Employee Stock Option Scheme (hereinafter called "the New Scheme") under which the maximum quantum
of options was determined at 9,367,276 options to be granted to employees from time to time on the basis
of their performance and other eligibility criteria.
(iv) All above options are planned to be settled in equity at the time of exercise and have maximum period of 7
years from the date of respective grants. The plans existing during the year are as follows:
a)
2001 Plan under the Old Scheme
Vesting period from

the grant date
Vesting schedule
For options with a vesting

period of 36 months:
On completion of 12 months
20%
30%
50%
For options with a vesting period

of 42 months:
On
On
On
On
completion
completion
completion
completion
of
of
of
of
12
18
30
42
months
months
months
months
15%
15%
30%
40%

of 48 months:
On
On
On
On
completion
completion
completion
completion
of
of
of
of
12
24
36
48
months
months
months
months
10%
20%
30%
40%
The options under this plan have an exercise price of Rs 22.50 per share and vest on a graded basis as
follows:
143
143
7/21/2009, 9:23 PM
b) 2004 Plan under the Old Scheme.

The options under this plan have an exercise price of Rs. 70 per share and vest on a graded basis as
follows:
Vesting period from
the grant date
of 48 months:
c)
On
On
On
On
completion
completion
completion
completion
of
of
of
of
12
24
36
48
Vesting schedule
months
months
months
months
10%
20%
30%
40%
Super-pot Plan under the Old Scheme

The options under this plan have an exercise price of Rs. Nil per share and vest on a graded basis as
follows:

of 36 months:
Vesting period from

the grant date
Vesting schedule
30%
30%
40%
d) 2006 Plan under the Old Scheme

The options under this plan have an exercise price of Rs. 10 per share and vest on a graded basis from
the effective date of grant as follows:

of 48 months:
e)
Vesting period from

the grant date
Vesting schedule
50%
50%
2005 Plan under the New Scheme

The options under this plan have an exercise price in the range of Rs. 221 to Rs. 922 per share and vest
on a graded basis from the effective date of grant as follows:
Vesting period from
the grant date

of 48 months:
f)
On
On
On
On
completion
completion
completion
completion
of
of
of
of
12
24
36
48
Vesting schedule
months
months
months
months
10%
20%
30%
40%
2008 Plan and Annual Grant Plan (AGP) under the New Scheme
The options under this plan have an exercise price in the range of Rs. 590 to Rs. 673 per share and vest
on a graded basis from the effective date of grant as follows:

of 36 months:
144
2008
Plan
AGP
Vesting period from

the grant date
Vesting
schedule
Vesting
schedule
25%
35%
40%
33%
33%
33%
7/21/2009, 9:23 PM
(v) The information concerning stock options granted, exercised, forfeited and outstanding at the year-end
is as follows:
(Shares in Thousands)
As of March 31,
2009
Number of Weighted
Weighted
stock
average
average
options
exercise
remaining
price (Rs.) contractual
life
(in Years)
As of March 31,
2008
Number Weighted
Weighted
of stock
average
average
options
exercise remaining
life
(in Years)
2001 Plan
Number of shares under option:
Outstanding at beginning of year
Granted
Exercised*
Cancelled or expired
Outstanding at the year end
Exercisable at end of year
Weighted average grant date fair value/
exercise price per option for options
granted during the year/period at less
than market value
37
11
7
19
19
-
22.50
22.50
22.50 0.00 to 3.25
22.50
131
44
50
37
37
22.50
22.50
22.50 0.25 to 4.25
22.50
-
2004 Plan
Granted
Exercised*
than market value
478
189
289
289
70.00
70.00
70.00 1.76 to 2.25
70.00
755
207
70
478
478
70.00
70.00
70.00 2.76 to 3.25
70.00
6
6
6
25
17
2
6
6
1,251
300
17
141
1,393
-
10.00
10.00
10.00
-
526.50
300.47
645.14
474.60
-
3,020
1,863
287.66
851.47
Superpot Plan
Granted
Exercised*
than market value
2.25
3.25

Granted
Exercised*
1,393
130
18
300
1,205
34
Weighted average grant date fair

130.47
value/exercise price per option for
options granted during the year/period
at less than market value
10.00
10.00
10.00
10.00 5.07 to 5.35
10.00
Scheme 2005
Granted
3,841
-
5.58
2006 Plan
145
145
7/21/2009, 9:23 PM
As of March 31,
2009
Number of Weighted
Weighted
stock
average
average
options
exercise
remaining
life
(in Years)
Exercised
than market value
239
603
2,999
938
268.16
474.60 3.44 to 5.92
474.60
As of March 31,
2008
Number Weighted
Weighted
of stock
average
average
options
exercise remaining
life
(in Years)
249
793
3,841
289
249.51
474.60 4.44 to 6.92
474.60
1,863
345.79
3,108
211
2,897
-
660.72
662.44
-
3,108
308.87
Scheme 2008 & Annual Grant Plan

Outstanding at beginning of period
Granted
Exercised
Outstanding at period end
Exercisable at end of period
Weighted average grant date fair
value/exercise price per option for
options granted during the year/period
at less than market value
*Options have been exercised out of the shares issued to the trust
The weighted average share price during the year was Rs. 733.62
(vi) The fair value of the options granted was estimated on the date of grant using the Black-Scholes/Lattice
valuation model with the following assumptions
Particulars
Risk free interest rates
Expected life
Volatility
Dividend yield
Wtd average share price on the date of grant
For the
year ended
March 31, 2009
For the
year ended
March 31, 2008
4.45% to 9.70%
48 to 60 months
36.23% to 41.39%
0.00%
616.80 to 832.55
6.45% to 8.25%
48 to 66 months
40.09% to 41.33%
0.00%
719.95 to 946.90
The volatility of the options is based on the historical volatility of the share price since the Company's equity
shares became publicly traded, which may be shorter than the term of the options.
(vii) The balance of deferred stock compensation as on March 31, 2009 is Rs. 824,092 thousand (March 31,
2008 Rs. 687,353 thousand) and total employee compensation cost recognized for the year then ended is
28. Earnings per share: (Basic & Dilutive)
Particulars
Nominal value of equity shares (Rs.)
Weighted average number of equity shares
Dilutive effect on weighted average number of
equity shares outstanding during the year*
Weighted average number of equity shares and
equity equivalent shares for computing Diluted EPS
As at
March 31, 2009
As at
March 31, 2008
10
10
1,898,105,039
1,897,378,958
565,047
1,549,696
1,898,670,086
1,898,928,654
* Diluted effect on weighted average number of equity shares and profit attributable is on account of Foreign
Currency Convertible Bonds and Employee Stock Option Plan (ESOP).
146
7/21/2009, 9:23 PM
29. Forward Contracts & Derivative Instruments

The Company's activities expose it to a variety of financial risks, including the effects of changes in foreign
currency exchange rates and interest rates. The Company uses derivative financial instruments such as foreign
exchange contracts, Option contracts and interest rate swaps to manage its exposures to interest rate and
foreign exchange fluctuations.
The following table details the status of the Companys exposure as on March 31, 2009:
(Rs. 000)
S. No. Particulars
A
For
a)
b)
c)
Loan related exposures*

Forwards
Options
Interest Rate Swaps
Total
For Trade related exposures*
a) Forwards
b) Options
Total
C
D
E
Unhedged foreign currency borrowing

Unhedged foreign currency payables
Unhedged foreign currency receivables
Notional Value
(March 31, 2009)
Notional Value
(March 31, 2008)
58,581,419
16,087,384
12,572,404
47,865,985
13,566,374
20,181,708
87,241,206
81,614,067
5,347,203
534,975
3,197,778
2,687,125
5,882,178
5,884,903
34,834,314
28,273,925
-
25,052,788
12,951,335
-
* All derivatives are taken for hedging purposes only and trade related exposure includes hedges taken for
forecasted receivables.
The Company had followed the accounting policy to adjust foreign exchange fluctuation on loans/liability for
fixed assets till June 30, 2008, as per the requirement of Schedule VI of the Companies Act, 1956 based on a
legal advice. During the period, effective April 1, 2008, the Company has adopted the treatment prescribed in
Accounting Standard (AS-11) "Effect of Changes in Foreign exchange Rates" notified under Companies
(Accounting Standard) Rules 2006 ('as amended') dated December 7, 2006. Instead of capitalizing/decapitalizing
such fluctuation, as per policy hitherto followed, the Company has, with effect from the April 1, 2008, charged/
credited such fluctuations directly to the Profit & Loss Account.
Had the Company continued with its earlier policy, net profit after tax would have been higher by Rs. 12,550,657
thousand for year ended March 31, 2009 (lower by Rs. 2,923,206 thousand for the year ended
March 31, 2008), and net fixed assets would have been higher by Rs. 16,359,617 thousand and deferred tax
asset would have been lower by Rs. 3,562,639 thousand.
The Company has accounted for derivatives, which are covered under the Announcement issued by the ICAI, on
marked-to-market basis and has recorded reversals of losses for earlier period of Rs. 1,835,399 thousand for
the year ended March 31, 2009 (including reversal of losses recognised in earlier periods Rs. 1,230,080 thousand
towards embedded derivatives) (March 31, 2008 recorded Marked to Market loss of Rs. 2,044,991 thousand
(including loss of Rs 1,230,080 thousand towards embedded derivatives).
31. The Board of Directors recommended a final dividend of Rs. 2.00 per equity share of Rs. 10.00 each (20% of
face value) for financial year 2008-09. The payment is subject to the approval of the shareholders in the ensuing
Annual General Meeting of the Company.
32. The Company has undertaken to provide financial support, to its subsidiaries Bharti Airtel Services Limited,
Bharti Airtel (USA) Limited, Bharti Airtel (Canada) Limited, Bharti Airtel Hongkong Limited, Bharti Infratel Ventures
Limited, Bharti Telemedia Limited, Bharti Airtel (Singapore) Private Limited, Bharti Airtel Holdings (Singapore)
Pte Limited and Bharti Airtel (UK) Limited.
33. Previous year figures have been regrouped/reclassified where necessary to conform to current year's classification.
30. The Board of directors in its meeting held on April 29, 2009 have approved sub-division (share split) of existing
equity shares of Rs. 10 each into 2 equity shares of Rs. 5 each, subject to the approval of its shareholders.
147
147
7/21/2009, 9:23 PM
Balance Sheet Abstract and Companys General

Business Profile
I
Registration Details
Registration No.
7 0 6 0 9
Balance Sheet Date

II
State Code
5 5
3 1 - 0 3 - 2 0 0 9
Capital raised during the year (Amount in Thousands)

Public Issue
Rights Issue
N I L
N I L
Bonus Issue
Private Placement
N I L
III
N I L
Position of mobilisation and deployment of funds (Amount in Thousands)
Sources of funds
Application of funds
Total Liabilities
3 5 3 5 7 6 1 1 5
Paid up Capital
1 8 9 8 2 3 9 8
Secured Loans
5 1 7 3 0 4
Total Assets
3 5 3 5 7 6 1 1 5
Reserves & Surplus
2 5 6 2 9 5 0 7 4
Unsecured Loans
7 6 6 1 9 1 6 7
Share Application Money

Pending Allotment
2 9 3 3
Deffered Tax Liabilities (Net)
Net Fixed Assets

2 7 5 8 0 0 2 7 8
Investments
1 1 7 7 7 7 5 8 2
1 1 5 9 2 3 9
Net Current Assets

( 4 3 2 7 3 7 2 1 )
Micscellaneous Expenditure
8 7 3
Deferred Tax (Net)

3 2 7 1 1 0 3
IV
Performance of the Company (Amount in Thousands)

Turnover
3 4 0 1 4 2 9 0 2
Total Expenditure
2 5 9 9 3 4 9 0 3
Profit / (Loss) Before Tax

8 1 6 1 5 3 6 7
Earning per Share in Rs.
4 0 . 8 0
Profit / (Loss) After Tax

7 7 4 3 8 3 8 5
Dividend Rate
2 0%
Generic names of three principal products / services of the company (as per monetary terms)
Item code No. (ITC code)
NO T A P P L I C A B L E
Product Description
BASIC AND CELLULAR TELEPHONE SERVICES, BROAD-BAND

& LONG DISTANCE COMMUNICATION SERVICES
For and on behalf of the Board
Place : New Delhi

148
Sunil Bharti Mittal

Manoj Kohli
Vijaya Sampath
7/21/2009, 9:23 PM
17
Consolidated Financial Statements with

Auditors Report
Auditors Report to The Board of Directors of Bharti Airtel Limited
2. We conducted our audit in accordance with auditing

standards generally accepted in India. Those
Standards require that we plan and perform the audit
to obtain reasonable assurance about whether the
financial statements are free of material
misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also
includes assessing the accounting principles used
and significant estimates made by management, as
well as evaluating the overall financial statement
presentation. We believe that our audit provides a
reasonable basis for our opinion.
3. We report that consolidated financial statements
have been prepared by the Group in accordance with
the requirement of the Accounting Standards (AS)
21, Consolidated Financial Statements, Accounting
Standard (AS) 27, Financial Reporting of Interest in
Joint Ventures and Accounting Standards (AS) 23,
Accounting for Investments in Associates in
Consolidated Financial Statements as notified
pursuant to the Companies (Accounting Standards)
Rules, 2006 (as amended). In respect of the
consolidated financial statements, we did not audit
the financial statements of a joint venture, included
herein with the Companys share of total assets as
at March 31, 2009 of Rs. 23,842,291 thousands
and net revenue and loss for the year then ended of
Rs. 8,929,186 thousands and Rs. 726,254
thousands, respectively. These financial statements
and other financial information have been audited
by other auditors whose report has been furnished
to us, and our opinion on the year to date results, to
the extent they have been derived from such
financial statements is based solely on the report of
such other auditors.
4. Based on our audit and on consideration of report
of other auditors on the separate financial statements
and on the other financial information of the Joint
Venture and to the best of our information and
according to the explanation given to us, we are of
the opinion that the attached consolidated financial
statements give a true and fair view in conformity
with the accounting principle generally accepted in
India:
a) in case of the consolidated balance sheet, of
the state of affair of the Group as at March 31,
2009;
b) in case of the consolidated profit and loss
account, the profit for the year ended on that
date; and
c) in case of the consolidated cash flow statement,
of the cash flows for the year ended on that
date.

Partner
Membership No.: 93283
Place : New Delhi
1. We have audited the attached Consolidated Balance

Sheet of Bharti Airtel Limited (the Company) and
its subsidiaries, joint ventures and associate
[together referred to as the the Group as described
in Note 3 on schedule 21] as at March 31, 2009
and also the Consolidated Profit and Loss Account
and the Consolidated Cash Flow Statement for the
year ended on that date annexed thereto. These
financial statements are the responsibility of the
Groups management. Our responsibility is to
express an opinion on these financial statements
based on our audit.
149
6 Consolidated - Airtel 149-192.p65
149
7/21/2009, 9:23 PM
Consolidated Balance Sheet as at

March 31, 2009
Particulars
Schedule
No.
As at
March 31, 2009
(Rs. 000)
As at
March 31, 2008
(Rs. 000)
18,982,398
2,933
18,979,074
12,318
SOURCES OF FUNDS
Shareholders Funds
Share Capital
Share Application Money Pending Allotment
Employee Stock Options Outstanding
Less: Deferred Stock Compensation
Reserves and Surplus
Loan Funds
Secured Loans
Unsecured Loans
Deferred Tax Liability (Net)
Minority Interest
Total
1
2,901,620
1,495,823
1,405,797
1,251,370
687,353
564,017
270,888,116
197,688,417
3
4
14,287,304
120,884,165
582,598
95,434,870
12,297,540
2,729,149
10,142,236
438,748,253
326,132,679
586,616,050
147,129,637
439,486,413
41,436,526
480,922,939
423,224,108
97,729,655
325,494,453
35,699,610
361,194,063
23,489,524
292,978
48,097,075
962,676
28,997,771
27,659,715
1,552,235
60,534,722
119,707,119
1,142,295
28,398,245
7,034,067
1,004,881
27,486,641
65,066,129
168,621,781
17,043,399
185,665,180
(65,958,061)
141,323,352
6,903,270
148,226,622
(83,160,493)
APPLICATION OF FUNDS
Fixed Assets
Gross Block
Less: Depreciation
Net Block
Capital Work-in-Progress
Investments
Deferred Tax Asset (Net)
Current Assets, Loans and Advances
Inventory
Sundry Debtors
Cash and Bank Balances
Other Current Assets
Loans and Advances
7
8
9
10
11
Less: Current Liabilities and Provisions

Current Liabilities
Provisions
12
Net Current Assets

Miscellaneous Expenditure
Total
Partner
Place : New Delhi
150
13
873
2,034
438,748,253
326,132,679
21
22
The Schedules referred to above and Notes to the financial statements
form an integral part of the Balance Sheet
Sunil Bharti Mittal
Manoj Kohli
Vijaya Sampath
7/21/2009, 9:23 PM
Consolidated Profit and Loss Account

Particulars
Schedule
No.
For the year ended

March 31, 2009
(Rs. 000)
For the year ended

March 31, 2008
(Rs. 000)
372,328,114
1,192,696
373,520,810
268,727,942
1,394,474
270,122,416
52,908,719
62,327,850
998,537
17,022,941
24,611,665
24,522,970
182,392,682
41,111,353
32,429,543
1,189,009
14,391,554
19,350,109
20,733,347
129,204,915
191,128,128
38,269,861
140,917,501
26,899,638
152,858,267
1,523,814
18,612,828
114,017,863
2,796,080
5,278,690
INCOME
EXPENDITURE
Access Charges
Network Operating
Cost of Goods Sold
Personnel
Sales and Marketing
Administrative and Other
14
15
16
17
18
Profit before Licence Fee, Other Income, Finance Expenses

(Net), Depreciation, Amortisation, Pre-operative
expenditure, Charity and Donation and Taxation
Licence fee and Spectrum charges (revenue share)
Profit before Other Income, Finance Expenses (Net),
Depreciation, Amortisation, Charity and Donation and Taxation
Other Income
Finance Expense (Net)
Depreciation/ Amortization
Less : Amount withdrawn from Reserve for Business
Restructuring as per Scheme (Refer Note 2(b)
on Schedule 22)
Amortisation
Profit before Tax
MAT credit
[Includes MAT credit of Rs. 1,364,058 thousand for
earlier years (March 31, 2008 Rs. 326,623 thousand)]
Tax Expenses
- Current Tax
[Includes Tax of Nil thousand for earlier years
- Deferred Tax
Profit after Tax
Minority Interest (Refer Note 2 on Schedule 21 and
Profit for the year
Transferred from Debenture Redemption Reserve
Transferred to General Reserve
Proposed Dividend on Equity Shares
Tax on Dividend
Profit brought forward (Refer Schedule 2)
Profit carried to Balance Sheet
Earnings per share in Rs. (Basic)
Earnings per share in Rs. (Diluted)
Partner
Place : New Delhi
19
20
49,051,901
2,324,209
35,102,388
46,727,692
2,911,290
220,141
85,910,130
(2,317,983)
388,208
34,714,180
3,388,183
317,416
73,115,474
(398,625)
10,400,288
9,353,297
(3,022,126)
(1,196,238)
408,131
80,441,820
402,986
64,954,054
1,852,275
78,589,545
4,411
6,000,000
3,796,480
645,212
68,152,264
120,157,916
188,310,180
41.40
41.39
1,000,163
63,953,891
413,623
64,367,514
55,790,402
120,157,916
34.23
34.19
21
22
The Schedules referred to above and Notes to the financial statements
form an integral part of the Profit & Loss Account
Sunil Bharti Mittal

Manoj Kohli
Vijaya Sampath
Service Revenue
Sale of Goods
151
151
7/21/2009, 9:23 PM
Cash Flow Statement for the year ended

March 31, 2009
Particulars
For the year ended

March 31, 2009
(Rs. 000)
For the year ended

March 31, 2008
(Rs. 000)
85,910,130
73,115,474
46,727,692
5,030,519
(1,858,591)
25,735
(2,592,369)
894,878
1,161,147
800,355
439,024
1,217,408
815,967
34,714,180
3,859,697
(221,604)
64,827
(582,609)
336,533
1,876,145
568,535
(125,287)
1,289,786
2,022,676
3,002,326
(577,057)
362,092
519,726
15,393,148
(4,470)
65,433
540
1,216,992
(386,639)
262,184
43,113
17,950
5,265
97,562
(349)
Operating profit before working capital changes
157,333,633
118,174,431
Adjustments for
- Increase in
- Increase in
- Increase in
- Increase in
(4,817,031)
(24,816,570)
(340,107)
22,593,840
(12,219,709)
(10,984,098)
(273,266)
37,867,835
149,953,765
132,565,193
A. Cash flow from operating activities:

Net profit before tax
Adjustments for:
Depreciation
Interest Expense and other Finance Charges
Interest Income
(Profit)/Loss on Sale of Assets (Net)
(Profit)/Loss on sale of Investments
Amortisation of ESOP Expenditure
Lease Equalisation / FCCB Premium
Amortisation of Goodwill
Provision for Deferred Bonus
Licence fee Amortisation
Bad Debts/Advances Written off
Provision for Bad and Doubtful Debts/Advances
(Net of write back)
Liabilities/Provisions no longer required written back
Provision for Gratuity and Leave Encashment
Provision for Inventory for obsolete/Damaged stock
Unrealized Foreign Exchange (gain)/loss
Provision for Warranty
Loss from swap arrangements
Provision for Wealth Tax (Net)
changes in working capital :
Sundry Debtors
Other Receivables
Inventory
Trade and Other Payables
Cash generated from operations

Taxes (Paid)/Received
Net cash from operating activities
(12,838,132)
(9,321,148)
137,115,633
123,244,045
(168,589,591)
1,868,859
420,787,078
(393,572,466)
1,186,499
1,362,657
(14,915,200)
(136,375,742)
1,607,330
175,342,365
(221,274,149)
259,396
300,000
(181,518)
500,000
(4,386,123)
(151,753,682)
(184,326,923)
B. Cash flow from investing activities:

Proceeds from Sale of fixed assets
Proceeds from Sale of Investments
Purchase of Investments
Dilution in Equity of Subsidiary Company
Interest Received
Purchase of Fixed Deposits (with maturity more than three months)
Proceeds from Maturity of Fixed Deposits (with maturity more
than three months)
Acquisition/ Subscription/Investment in Subsidiaries/Associate
Net cash used in investing activities
152
7/21/2009, 9:23 PM
Particulars
For the year ended

March 31, 2009
(Rs. 000)
For the year ended

March 31, 2008
(Rs. 000)
149,400
176,058
20,170,500
193,531
27,462,693
(15,288,260)
48,017,356
(19,631,776)
Proceeds from short term borrowings

Net movement in cash credit facilities and short term loans
Interest Paid
Gain/(loss) from swap arrangements
12,796,423
(4,669,973)
22,156
15,185,183
(3,879,932)
(67,647)
Net cash from financing activities
20,648,497
59,987,215
Net Increase/(Decrease) in Cash and Cash Equivalents
6,010,448
(1,095,663)
Opening Cash and Cash Equivalents

Cash Acquired on Acquisition of Subsidiary
7,034,067
8,020,899
108,831
Cash and Cash Equivalents as at year end
13,044,515
7,034,067
Cash and Cash Equivalents comprise:

Cash and Cheques in hand
Balance with Scheduled Banks
639,948
27,019,767
1,316,825
5,717,242
Cash & Bank Balances as per schedule 9
27,659,715
7,034,067
14,615,200
13,044,515
7,034,067
C. Cash flow from financing activities:

Proceeds from fresh issue of Share Capital (including Share Premium)
Issue of Shares under ESOP Scheme (including share application)
Proceeds from long term borrowings
Receipts
Payments
Less: - Fixed deposits not considered as cash equivalents

Cash & Cash Equivalents in Cash Flow Statement
Notes :
1 Figures in brackets indicate cash out flow.
2 Previous year figures have been regrouped and recast wherever necessary to conform to the current year classification.
3 Cash and cash equivalents includes Rs. 96,101 thousands pledged with various authorities (March 31, 2008 Rs. 142,573
thousands) which are not available for use by the Company.
4 During the year, the Company increased its stake in Bharti Hexacom Limited by 1.11% through acquisition of 27,80,306 equity
shares for an aggregate consideration of Rs. 166,818 thousand thereby increasing its investment by same amount. (Previous
Year acquisition of equity in Network i2i Limited at a purchase consideration of Rs. 5,313,916 thousand.)

Sunil Bharti Mittal
Manoj Kohli
Vijaya Sampath

Partner
Place : New Delhi
153
153
7/21/2009, 9:23 PM

of consolidated accounts
Particulars
As at
March 31, 2009
(Rs. 000)
As at
March 31, 2008
(Rs. 000)
25,000,000
25,000,000
18,982,398
18,979,074
18,982,398
18,979,074
39,889,844
256,997
40,146,841
21,284
39,259,225
630,619
39,889,844
21,284
139,958
(4,411)
135,547
6,000,000
553,581
(413,623)
139,958
24,396,990
82,181,203
57,396,005
2,324,209
22,072,781
388,208
24,396,990
SCHEDULE : 1
SHARE CAPITAL
Authorised
2,500,000,000 (March 31, 2008 - 2,500,000,000)
Equity shares of Rs. 10 each
Issued, Subscribed and Paid up
1,898,239,796 Equity Shares of Rs. 10 each fully paid up
(March 31, 2008 - 1,897,907,446 Equity Shares of Rs. 10 each)
(Refer Notes Below)
Notes:
(a) 49,999,000 and 1,516,390,970 equity shares issued as fully paid-up
bonus shares on February 24, 1997 and September 30, 2001 respectively
out of Share Premium account
(b) 21,409,142 Equity Shares (March 31, 2008 - 21,315,734) shares are
allotted as fully paid up upon the conversion of Foreign Currency
Convertible Bonds (FCCBs). (Refer Note 22 on Schedule 22)
(c) 2,722,125 Equity Shares (March 31, 2008 - 2,722,125) shares are
allotted as fully paid up under the Scheme of amalgamation without
payments being received in cash.
(d) For Stock options outstanding details (refer note no 22 on Schedule 21
and Note 19 on Schedule 22)
SCHEDULE : 2
RESERVES AND SURPLUS
Securities Premium
Opening balance
Additions during the year
Revaluation Reserve
Debentures Redemption Reserve
Opening balance
Transferred to Profit and Loss Account during the period
General Reserve
Reserve for Business Restructuring
Opening balance
Additions during the period
Less : Transferred to Profit and Loss Account during the period *
Less : Depreciation on Fair Valued Assets transferred to Profit & Loss
Account during the period in accordance with the Scheme of
Arrangement *
* (Refer Note 2(b) of Schedule 22)
154
7/21/2009, 9:23 PM

Particulars
As at
March 31, 2009
(Rs. 000)
As at
March 31, 2008
(Rs. 000)
Balance as per Profit & Loss Account

Foreign Currency Translation Reserve
Reserve arising on dilution of Equity in Subsidiary Company
Opening
Additions
Less : Utilisation / Adjustment
188,310,180
224,873
120,157,916
(7,914)
13,090,339
1,019,596
(133,325)
13,090,339
Reserve arising on dilution of Equity in Subsidiary Company
13,976,610
270,888,116
13,090,339
197,688,417
500,000
500,000
13,770,000
58,354
17,304
24,244
14,287,304
582,598
134,976
69,864
Interest Free, non-cumulative, Convertible Debentures

of Rs. 10,000 each
32,035,500
30,255,750
Short Term Loans and Advances

From Banks
15,406,584
4,803,050
Other Loans and Advances

From Banks
From Others
39,968,535
33,473,546
32,840,340
27,535,730
120,884,165
95,434,870
37,494,785
19,007,222
SCHEDULE : 3
SECURED LOANS
Debentures
Loans and Advances from Banks :
-Term Loans
-Cash Credit
Other Loans and Advances :
-Vehicle Loans
Note: Amount repayable within one year
SCHEDULE : 4
UNSECURED LOANS
155
155
7/21/2009, 9:23 PM
156
7/21/2009, 9:23 PM
281,199,178
Previous Year
223,922,684
166,956,224
81,897,754
3,564,282
3,564,282
(22,855)
32,737
(35,434)
87,086
(2,069,935)
227,143
63,789
11,134
21,297
-
5,310,284
(60,964)
423,224,108
586,616,050
586,616,050
320,771
720,456
3,629,985
3,040,772
519,146,870
21,549,170
2,188,096
1,061,273
210,682
4,259
8,625,374
128,453
3,259,462
22,730,427
As at
March 31,
2009
76,155,422
97,729,655
97,729,655
4,307
611,844
898,423
70,392,952
11,822,249
967,730
571,508
81,882
354
1,336,430
83,993
976,582
9,981,401
As at
April 01,
2008
36,572,157
51,069,664
51,069,664
3,408
146,669
373,337
44,231,160
3,625,446
315,916
139,577
37,968
151
800,355
6,891
171,378
1,217,408
14,997,924
1,669,682
1,669,682
657
(1,360)
34,661
481,778
187,898
56,894
6,203
12,955
-
890,129
(133)
Sale /
Adjustment
during
the year
Depreciation
For the
year
97,729,655
147,129,637
147,129,637
7,058
759,873
1,237,099
114,142,334
15,259,797
1,226,752
704,882
106,895
505
2,136,785
90,884
257,831
11,198,942
As at
March 31,
2009
480,922,939
41,436,526
439,486,413
313,713
720,456
2,870,112
1,803,673
405,004,536
6,289,373
961,344
356,391
103,787
3,754
6,488,589
37,569
3,001,631
11,531,485
As at
March 31,
2009
361,194,063
35,699,610
325,494,453
60,951
621,165
2,280,742
1,577,342
288,399,343
5,029,587
654,492
365,244
103,827
3,905
7,277,428
6,432,365
12,688,062
As at
March 31,
2008
Net Block
(Rs. 000)
Notes:
1. Addition to fixed assets during the year includes : Rs. Nil (March 31, 2008 loss of Rs. 1,689,459 thousand) on account of fluctuations in foreign exchange rates
2. Capital work in Progress during the year is net of Rs. Nil (March 31, 2008 includes Rs. 3,327 thousand gain) on account of fluctuation in Exchange rate
3. Freehold Land and Building includes Rs. 14,013 thousand (Previous year Rs. 26,468 thousand) and Rs. 297,301 thousand (previous year Rs. 71,477 thousand) respectively, in respect of which registration of title
in favour of the Company is pending
4. Building includes building on leasehold land Rs. 59,439 thousand (March 31, 2008 Rs. 17,288 thousand)
5. The remaining amortisation period of licence fees as at March 31, 2009 ranges between 6 to 16 years for Unified Access Service Licence and 13 years for Long Distance Licences
6. Capital work in progress includes goods in transit Rs. 2,717,484 thousand (March 31, 2008 Rs. 3,095,810 thousand) and Capital Advance of Rs. 3,591,436 thousand (March 31, 2008 Rs. 3,373,250 thousand)
7. Computers include Gross Block of assets capitalised under finance lease Rs. 12,338,941 thousand (March 31, 2008 Rs. 8,095,086 thousand) and corresponding Accumulated Depreciation being Rs. 7,258,050
thousand (March 31, 2008 Rs. 4,627,150 thousand)
8. The remaining amortisation period of Goodwill as at March 31, 2009 ranges between 5 to 16 years.
9. Sales and Adjsutment during the year includes reclassification of class of Assets.
423,224,108
166,956,224
232,658
132,028
701,965
652,093
158,284,640
4,924,477
629,663
135,655
46,270
-
65,258
621,165
2,892,586
2,475,765
358,792,295
16,851,836
1,622,222
936,752
185,709
4,259
423,224,108
11,516
44,460
1,160,799
-
Sale /
Adjustment
during
the year
Gross Block Value

Additions
during
the year
8,613,858
83,993
7,408,947
22,669,463
As at
April 01,
2008
GRAND TOTAL
Capital Work In Progress
TOTAL
INTANGIBLE ASSETS
Goodwill
Software
Bandwidth
Licence
TANGIBLE ASSETS
Leasehold Land
Freehold Land
Building
Plant and Machinery
Computers
Office Equipment
Furniture & Fixture
Vehicles
Vehicles on Finance Lease
PARTICULARS
SCHEDULE 5 : FIXED ASSETS

(Refer Note 3, 4, 5,10,16 and 17 on Schedule 21 and Note 2(b), 8, 14 and 17 on Schedule 22)

Particulars
As at
March 31, 2009
(Rs. 000)
As at
March 31, 2008
(Rs. 000)
21,665,480
48,016,755
1,757,384
27,069
1,835
3,126
Long Term, trade, unquoted

Investment in Associates
Bharti Teleport Limited: 1,470,000 Equity shares (Previous year
Nil) of Rs. 10 each fully paid up) (Refer Note 2(k) on Schedule 22)
14,700
Others
IFFCO Kissan Sanchar Limited : 100,000
(Previous Year 100,000) Equity Shares
50,125
50,125
23,489,524
48,097,075
21,749,914
21,665,480
1,824,044
48,097,361
48,043,824
80,320
962,676
1,142,295
962,676
1,142,295
SCHEDULE : 6
INVESTMENTS
Current, other than trade, Quoted
- Mutual Funds, Debentures and Bonds
Current, other than trade, Unqoted
- Deposits and Bonds
Long term, other than trade, Unquoted
- Government securities
Total Investments
Aggregate Market Value of Quoted Investments
Aggregate Value of Quoted Investments
Aggregate Value of Unquoted Investments
Stock-In-Trade*
* Includes Goods in Transit Rs. Nil thousand

* Net of obsolete inventory written off of Rs. 60,604
thousand (March 31, 2008 Rs. 88,290 thousand)
SCHEDULE : 7
INVENTORY
157
157
7/21/2009, 9:23 PM

Particulars
As at
March 31, 2009
(Rs. 000)
As at
March 31, 2008
(Rs. 000)
SCHEDULE : 8
SUNDRY DEBTORS
Debts outstanding
-Considered good
-Considered doubtful
28,997,771
9,945,948
(9,945,948)
28,997,771
28,398,245
7,114,566
(7,114,566)
28,398,245
28,997,771
28,398,245
100,805
539,143
143,812
1,173,013
2,936,766
24,079,032
3,969
1,150,722
4,561,964
4,556
27,659,715
7,034,067
520,742
1,018,596
12,897
24,808
980,059
14
1,552,235
1,004,881
SCHEDULE : 9
CASH AND BANK BALANCES
Cash in Hand
Cheques in Hand
Balances with Scheduled Banks
- in Current Account
- in Fixed deposits *
- in Deposit Account as Margin Money
*[Includes Rs. 92,132 thousand pledged with various authorities

SCHEDULE : 10
OTHER CURRENT ASSETS
Interest Accrued on Fixed Deposit and on
Loan given to Joint Venture
Unamortised upfront fees and Deferred Premium
Others
158
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Particulars
As at
March 31, 2009
(Rs. 000)
SCHEDULE : 11
LOANS AND ADVANCES
Advances recoverable in cash or in kind or for
value to be received
Considered good
55,043,875
Considered doubtful
4,436,842
Less : Provision
(4,436,842)
Advance to ESOP Trust
Advance Tax [Net of provision for tax
Rs. 28,241,857 thousand
(March 31, 2008 Rs. 17,913,535 thousand)]
Fringe Benefit Tax (Net of provision for tax
Rs. 961,486 thousand (March 31, 2008
Advance Wealth Tax [Net of Provision for
tax Rs. 839 thousand (March 31, 2008
Rs. 716 thousand)]
MAT Credit
55,043,875
105,489
As at
March 31, 2008
(Rs. 000)
26,332,008
4,265,898
(4,265,898)
26,332,008
116,971
2,246,225
225,874
55,310
46,488
694
3,083,129
154
765,146
60,534,722
27,486,641
SCHEDULE : 12
CURRENT LIABILITIES AND PROVISIONS
168,621,781
141,323,352
698,879
428,987
617,981
525,781
3,058
11,281,789
3,796,480
645,212
7,528
5,940,974
-
*Refer Note 16 on Schedule 22 for Loans & Advances

to Companies under the same management
Provisions
Gratuity (Refer Note 11 on Schedule 21
and Note 6 on Schedule 22)
Leave Encashment (Refer Note 11 on
Schedule 21 and Note 6 on Schedule 22)
Warranty (Refer Note 20 on schedule 21
and 14(ii) on Schedule 22)
Others (Refer Note 14(i) and 6 (i) on Schedule 22)
Proposed Dividend (Refer Note 24 on Schedule 22)
Tax on Dividend
17,043,399
6,903,270
185,665,180
148,226,622
Current Liabilities
Sundry Creditors :
Total outstanding dues of Micro and Small Enterprises 56,792
Total outstanding dues of creditors other than

Micro and Small Enterprises*
118,812,490 118,869,282 103,239,665 103,239,665
Advance Billing and Prepaid Card Revenue
34,641,872
28,930,984
Interest accrued but not due on loans
1,093,227
732,681
Other Liabilities
5,764,529
3,931,091
Advance Received from customers
728,759
822,908
Security Deposits (Refer Note 10 on Schedule 22)
7,524,112
3,666,023
159
159
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Particulars
As at
March 31, 2009
(Rs. 000)
As at
March 31, 2008
(Rs. 000)
SCHEDULE : 13
MISCELLANEOUS EXPENDITURE
Deferred Employee Compensation Expense *
Opening Balance
Add: Adjustments during the year
Less: Amortisation for the year **
(1,351)
(1,351)
(6,594)
(6,594)
* Relating to Employee Stock Option Scheme 2001 and 2004

** Net of stock compensation income of Rs. 3,682 thousand (March 31, 2008 Rs. 3,886 thousand)
Premium on Redemption of Debentures
Opening Balance
Less: Write back during the year
Less: Amortisation for the year
160
2,034
588
573
26,629
20,217
4,378
873
2,034
873
2,034
7/21/2009, 9:23 PM

Particulars
For the
year ended
March 31, 2009
(Rs. 000)
For the
year ended
March 31, 2008
(Rs. 000)
871,268
75,246
21,960,934
11,428,559
212,700
14,596,872
2,913,055
1,218,395
2,524,918
6,525,903
928,155
126,544
10,588,493
5,076,453
125,878
7,851,500
1,284,515
756,273
2,392,454
3,299,278
62,327,850
32,429,543
1,142,295
3,895,304
1,811,107
1,265,279
962,676
912,142
3,540,880
837,311
1,284,407
1,142,295
998,537
1,189,009
15,145,612
642,923
746,386
488,020
12,680,411
569,999
721,788
419,356
17,022,941
14,391,554
7,156,469
7,243,797
1,811,107
8,400,292
6,013,656
6,874,508
837,311
5,624,634
24,611,665
19,350,109
SCHEDULE : 14
NETWORK OPERATING EXPENDITURE
Interconnect charges and PSTN Rentals
Installation
Power and Fuel
Rent
Insurance
Repairs and Maintenance - Plant and Machinery
- Others
Leased Line and Gateway charges
Internet access and bandwidth charges
Others
SCHEDULE : 15
COST OF GOODS SOLD
Opening Stock
Add : Purchases
Less : Simcard Utilisation
Less : Internal issues / capitalised
Less : Closing Stock *
*Net of obsolete inventory written off of Rs. 60,604
thousand (March 31, 2008 Rs. 88,290 thousand)
Salaries, Wages and Bonus*

Contribution to Provident and Other Funds
Staff Welfare
Recruitment and Training
*Excluding amortisation of Deferred ESOP Cost

(Refer Note 19(vii) on Schedule 22)
SCHEDULE : 17
SALES AND MARKETING EXPENDITURE
Advertisement and Marketing
Sales Commission and Incentive
Simcard Utilisation
Others
SCHEDULE : 16
PERSONNEL EXPENDITURE
161
161
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Particulars
For the
year ended
March 31, 2009
(Rs. 000)
For the
year ended
March 31, 2008
(Rs. 000)
6,585,414
177,222
627,045
6,837,202
1,326,528
1,241,532
210,723
448,311
32,665
815,967
3,002,326
519,726
1,882,834
25,735
789,740
3,802,613
50,281
613,807
5,272,887
1,196,845
1,250,242
101,619
678,391
12,852
2,022,676
1,216,992
43,113
1,410,002
64,827
2,996,200
24,522,970
20,733,347
577,057
946,757
387,408
2,408,672
1,523,814
2,796,080
2,693,821
58,457
44,961
573
2,233,280
17,967,263
65,433
1,948,841
68,341
63,087
4,378
1,779,428
2,121,266
97,562
23,063,788
6,082,903
2,592,369
582,609
887,618
8,742
962,231
198,844
17,545
5,215
4,450,960
804,213
18,612,828
5,278,690
SCHEDULE : 18
ADMINISTRATIVE AND OTHER EXPENDITURE
Legal and Professional
Rates and Taxes
Power and Fuel
IT and Call center Outsoursing
Traveling and Conveyance
Rent
Repairs and Maintenance - Building
- Others
Insurance
Bad debts written off
Provision for doubtful debts/advances
Provision for Diminution in Stock/CWIP
Collection and Recovery
Loss on sale of assets (net)
Miscellaneous
SCHEDULE : 19
OTHER INCOME
Liabilities/ Provisions no longer required written back
Miscellaneous
SCHEDULE : 20
FINANCE EXPENSE (NET)
Interest :
- On Term Loan
- On Debentures
- On Others
Amortisation of Premium on Redemption of FCCBs
Other Finance Charges
Exchange fluctuation loss (Net)
Loss from swap arrangements (Net)
Less : Income
Profit on sale of Current Investments (other than trade)
Interest Income
- from Current Investments and Fixed Deposits
(Other than Trade) [Gross of TDS Rs. 135,553 thousand
- from other advances
- Other Finance Income
[Gross of TDS Rs. 120,558 thousand (March 31, 2008 Rs. Nil)]
162
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STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR
THE YEAR ENDED MARCH 31, 2009
SCHEDULE: 21
The significant accounting policies adopted by Bharti Airtel Limited (Bharti Airtel or the Company) and its subsidiaries
and joint ventures (hereinafter referred to as the Group) in respect of these Consolidated Financial Statements, are
set out below.
1.
BASIS OF PREPARATION
These consolidated financial statements have been prepared to comply in all material respects with notified
accounting standards by Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant
provisions of the Companies Act, 1956 to reflect the financial position and the results of operations of the
Group. These consolidated financial statements are prepared under the historical cost convention on the accrual
basis of accounting and reporting requirements of Accounting Standard (AS) 21 Consolidated Financial
Statements , AS-23 Accounting for Investments in Associates in Consolidated Financial Statements and AS27, Financial Reporting of Interests in Joint Ventures notified under Companies (Accounting Standards) Rules,
2006, (as amended) and consolidated as per Para 2 below for the year ended March 31, 2009. The accounting
policies have been consistently applied by the Company and, except for the changes in accounting policy
discussed in Note 10 below, are consistent with those used in the previous year.
2.
PRINCIPLES OF CONSOLIDATION
Entity
Country of
Incorporation
Principal Service
Relationship
Shareholding as
at March 31, 2009
Bharti Airtel
(Singapore) Private
Limited
Singapore
International calling services and

wholesale switching data
products
Subsidiary
100%
Bharti Airtel Lanka

(Pvt) Limited
Sri Lanka
Mobile Services
Subsidiary
100%
Network i2i Limited
Mauritius
Submarine Cable System
Subsidiary
100%
Bharti Airtel Holdings Singapore

(Singapore) Pte
Limited
Investments
Subsidiary
100%
Bharti Infratel Limited India
Passive Infrastructure for

Mobile Services
International calling services
and wholesale switching
data products
Manpower support to Bharti
Airtel and VSAT equipment
trading.
Subsidiary
92.51%
Subsidiary
100%
Subsidiary
100%
Bharti Airtel
(Canada) Limited
Canada
Bharti Airtel Services India

Limited (BASL)
(erstwhile Bharti
Comtel Limited)
Bharti Hexacom
Limited (BHL)
India
Cellular Mobile and Broadband

and fixed Telephone Services
Subsidiary
70%
Bridge Mobile Pte

Limited
Singapore
Mobile Services
Joint Venture
10.00%
Forum I Aviation
Limited
India
Bharti Telemedia
Limited (BTML)
[Refer Note (b)]
India
Buy, sell, lease, hire, maintain,

operate and run Aircrafts /
Helicopters etc.
Direct- to - Home Services
Joint Venture
14.28%
of Bharti Airtel
Services Limited
Subsidiary
40%
Bharti Airtel
(USA) Limited
United States
of America

data products
Subsidiary
163
100%
These accounts represent consolidated accounts of the Group and its majority owned subsidiaries, joint ventures
and Investment in associates as follows:
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7/21/2009, 9:23 PM
Entity
Country of
Incorporation
Principal Service
Bharti Airtel (UK)

Limited
United Kingdom International calling services

data products
Relationship
Shareholding as
at March 31, 2009
Subsidiary
100%
100%
Bharti Airtel
Hong Kong
(Hong Kong) Limited

and wholesale switching data
products
Subsidiary
Indus Towers Limited India
Joint Venture
42%*
of Bharti
Infratel Limited
Bharti Infratel Lanka

Private Limited
Sri Lanka
Subsidiary of
a Subsidiary
100%
Bharti Infratel
Ventures Limited
India
Subsidiary of
Bharti Infratel
Limited
100%*
Bharti Aquanet
Limited
India
Submarine Cable landing station
Subsidiary
100%**
Bharti Teleports
Limited
India
Uplinking Channels for

Broadcaster
Associate
49%
*Represents holding of Bharti Infratel Limited

**Up to December 31, 2008, Refer note 2(a) on Schedule 22
a)
For the purpose of this consolidation, jointly owned entities, where Bharti Airtel or its subsidiaries own
directly or indirectly more than 50 percent of voting rights of a Companys share capital, have been accounted
for as subsidiaries.
b) The Company controls the majority of the Board of Directors of BTML, accordingly BTML has been consolidated
with the Company in accordance with AS 21, Consolidated Financial Statements notified under Companies
(Accounting Standards) Rules, 2006, (as amended).
c)
The equity and net income attributable to minority shareholders interest are shown separately in the Balance
Sheet and Profit and Loss Account, respectively. Reserves arising on dilution of equity in a subsidiary
company is shown separately as Reserve arising on dilution of Equity in Subsidiary Company under the
head Reserves and Surplus.
d) The Groups interests in jointly controlled entities are accounted for by proportionate consolidation. The
Group combines its share of the joint ventures individual income and expenses, assets and liabilities and
cash flows on a line-by-line basis with similar items in the Groups financial statements.
e)
3.
Inter-Company balances have been eliminated in the consolidation. The consolidated financial statements
are prepared using uniform accounting policies for like transactions and other events in similar circumstances.
GOODWILL
Goodwill is stated as an excess of the purchase consideration over Bharti Airtels interest in the net identifiable
assets acquired. Goodwill is carried at cost less accumulated amortisation and is amortised on a straight-line
basis over the remaining period of the service licence of the acquired Company. In case the acquired company
does not have a Licence, Goodwill is amortised over 10 year period from the date of acquisition.
4.
FIXED ASSETS
Fixed Assets are stated at cost of acquisition and subsequent improvements thereto, including taxes & duties
(net of cenvat credit), freight and other incidental expenses related to acquisition and installation. Capital workin-progress is stated at cost.
Site restoration cost obligations are capitalized when it is probable that an outflow of resources will be required
to settle the obligation and a reliable estimate of the amount can be made.
The intangible component of license fee payable by the Group for cellular and basic circles, upon migration to
the National Telecom Policy (NTP 1999), i.e. Entry Fee, has been capitalised as an asset and the one time
license fee paid by the Group for acquiring new licences (post NTP-99) (basic, cellular, national long distance
and international long distance services) has been capitalised as an intangible asset.
5.
DEPRECIATION/AMORTISATION
Depreciation is provided on straight-line method, at the rates determined based on the estimated economic
useful lives of assets as follows:
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7/21/2009, 9:23 PM
Leasehold Land
Building
Building on Leased Land
Plant & Machinery
Computer / Software
Office Equipment
Furniture and Fixtures
Vehicles
Customer Premises Equipment
Useful lives
Period of lease
20 years
20 years or period of lease, whichever is lower
Period of lease or 10 years, whichever is lower
3 to 20 years
3 years
5 years/2 years
5 years
5 years
Over Estimated Subscriber Life
Software up to Rs. 500 thousand is written off in the financial year placed in service.
Bandwidth capacity is amortised on straight line basis over the period of the agreement subject to a maximum
of 18 years.
The Entry Fee capitalised is being amortised equally over the period of the license and the one time licence fee
is being amortised equally over the balance period of licence from the date of commencement of commercial
operations.
The site restoration cost obligation capitalized is depreciated over the period of the useful life of the related
asset, or balance lease period as applicable.
Fixed Assets costing upto Rs. 5 thousand are being fully depreciated within one year from the date of acquisition.
6.
REVENUE RECOGNITION AND RECEIVABLES

Mobile Services
Service revenue is recognised on completion of provision of services. Service revenue includes income on
roaming commission and access charges passed on to other operators, and is net of discounts and waivers.
Processing fees on recharge is being recognised over the estimated customer relationship period or voucher
validity period, as applicable.
Telemedia Services (Erstwhile Broadband & Telephone Services) and Enterprise Services Carriers
Service revenue is recognised on completion of provision of services. Revenue on account of bandwidth service
is recognised on time proportion basis in accordance with the related contracts. Service Revenue includes
access charges passed on to other operators, and is net of discounts and waivers. Revenue, net of discount,
from sale of goods is recognised on transfer of all significant risks and rewards to the customer and when no
significant uncertainty exists regarding realisation of consideration.
Revenue from prepaid calling cards packs is recognised on the actual usage basis.
Enterprise Services Corporate
Service Revenues includes revenues from registration, installation and provision of Internet and Satellite services.
Registration fees is recognised at the time of dispatch and invoicing of Start up Kits. Installation charges are
recognised as revenue on satisfactory completion of installation of hardware and service revenue is recognised
from the date of satisfactory installation of equipment and software at the customer site and provisioning of
Internet and Satellite services.
Service income includes revenue from use of sites/assets and reimbursement of energy charges, rent, security
and maintenance charges. Revenue for use of sites is recognised as and when the services are rendered. If the
payment terms in the service agreements include fixed escalations, the effect of such increases is recognised on
straight line basis over the fixed, non cancellable term of the agreement, as applicable.
Others
Service revenue is recognised on completion of provision of services and on transfer of all significant risks and
rewards to the customers and when no significant uncertainty exists regarding realisation of the consideration.
Activation Income
Activation revenue and related direct activation costs, not exceeding the activation revenue, are deferred and
amortized over the related estimated customers relationship period, as derived from the estimated customer
churn period.
165
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7/21/2009, 9:23 PM
Investing and other Activities

Income on account of interest and other activities are recognised on an accrual basis. Dividends are accounted
for when the right to receive the payment is established.
Provision for doubtful debts
The Group provides for amounts outstanding for more than 90 days in case of active subscribers and for entire
outstanding from deactivated customers, net off security deposits, or in specific cases where management is of
the view that the amounts from certain customers are not recoverable.
For receivables due from the other operators on account of their NLD and ILD traffic and IUC charges, the Group
provides for amounts outstanding for more than 120 days from the date of billing, net of any amounts payable
to the operators, or in specific cases where management is of the view that the amounts from the operators are
not recoverable.
Accrued Billing revenue
Accrued billing revenue represent revenues recognized in respect of Mobile, Broadband and Telephone, and
Long Distance services provided from the bill cycle date to the end of each month. These are billed in subsequent
periods as per the terms of the billing plans.
7.
INVENTORY
Inventory is valued at the lower of cost and net realisable value. Cost is determined on First in First out basis.
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of
completion and the estimated costs necessary to make the sale.
The Company provides for obsolete and slow-moving inventory based on management estimates of the usability
of inventory.
8.
INVESTMENTS
Current Investments are valued at lower of cost and fair market value determined on individual basis.
Long term Investments are valued at cost. Provision is made for diminution in value to recognise a decline, if
any, other than that of temporary nature.
9.
LICENSE FEES REVENUE SHARE

With effect from August 1, 1999, the variable Licence fee computed at prescribed rates of revenue share is
charged to the Profit and Loss Account in the period in which the related revenues are recognised. Revenue for
this purpose is defined as adjusted gross revenue as per the respective license agreements.
10. FOREIGN CURRENCY TRANSLATION, ACCOUNTING FOR FORWARD CONTRACTS & DERIVATIVES
Initial Recognition
Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency amount
the exchange rate between the reporting currency and the foreign currency at the date of the transaction.
Conversion
Foreign currency monetary items are reported using the closing rate. Non-monetary items which are carried in
terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of
the transaction; and non-monetary items which are carried at fair value or other similar valuation denominated
in a foreign currency are reported using the exchange rates that existed when the values were determined.
Exchange Differences
Exchange differences arising on the settlement of monetary items or on restatement of the Companys monetary
items at rates different from those at which they were initially recorded during the period/year, or reported in
previous financial statements, are recognized as income or as expenses in the period/year in which they arise as
mentioned below.
During the year, the Company has, with effect from the April 1, 2008, changed its policy to charge/credit
fluctuations in respect of loans/liabilities for acquisition of fixed assets directly to the Profit & Loss Account
from adjusting such exchange differences in the carrying cost of the respective assets.
Forward Exchange Contracts covered under AS 11, The Effects of Changes in Foreign Exchange Rates
Exchange differences on forward exchange contracts & plain vanilla currency options for establishing the amount
of reporting currency and not intended for trading & speculation purposes, are recognised in the Profit & Loss
Account in the year in which the exchange rate changes. The premium or discount arising at the inception of
forward exchange contracts is amortised as expense or income over the life of the contract. Any profit or loss
arising on cancellation or renewal of such forward exchange contract is recognised as income or expense for the
period/year.
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Exchange difference on forward contracts which are taken to establish the amount other than the reporting
currency arising due to the difference between forward rate available at the reporting date for the remaining
maturity period and the contracted forward rate (or the forward rate last used to measure a gain or loss on the
contract for an earlier period) are recognised in the Profit and Loss Account for the period/year.
Other Derivative Instruments, not in the nature of AS 11, The Effects of Changes in Foreign Exchange Rates
The Company enters into various foreign currency option contracts & interest rate swap contracts that are not
in the nature of forward contracts designated under AS 11 as such and contracts that are not entered to
establish the amount of the reporting currency required or available at the settlement date of a transaction; to
hedge its risks with respect to foreign currency fluctuations and interest rate exposure arising out of import of
capital goods using foreign currency loan. At every year end all outstanding derivative contracts are fair valued
on a marked-to-market basis and any loss on valuation is recognised in the Profit and Loss Account, on each
contract basis. Any gain on marked-to-market valuation on respective contracts is not recognized by the Company,
keeping in view the principle of prudence as enunciated in AS 1, Disclosure of Accounting Policies. Any
reduction to fair values and any reversals of such reductions are included in Profit and Loss statement of the
period/year.
Embedded Derivative Instruments
The Company occasionally enters into contracts that do not in their entirety meet the definition of a derivative
instrument that may contain embedded derivative instruments implicit or explicit terms that affect some or
all of the cash flow or the value of other exchanges required by the contract in a manner similar to a derivative
instrument. The Company assesses whether the economic characteristics and risks of the embedded derivative
are clearly and closely related to the economic characteristics and risks of the remaining component of the host
contract and whether a separate, non-embedded instrument with the same terms as the embedded instrument
would meet the definition of a derivative instrument. When it is determined that (1) the embedded derivative
possesses economic characteristics and risks that are not clearly and closely related to the economic characteristics
and risks of the host contract and (2) a separate, stand-alone instrument with the same terms would qualify as
a derivative instrument, the embedded derivative is separated from the host contract, carried at fair value as a
trading or non-hedging derivative instrument. The loss on marked-to-market valuation of the embedded derivative
instrument is recognized in the Profit and Loss Account for the period/year. Any reduction in mark to market
valuations and reversals of such reductions are included in profit and loss statement of the period/year.
Translation of Integral and Non-Integral Foreign Operation
The financial statements of an integral foreign operation are translated as if the transactions of the foreign
operation have been those of the Group itself.
In translating the financial statements of a non-integral foreign operation for incorporation in financial statements,
the assets and liabilities, both monetary and non-monetary are translated at the closing rate; income and
expense items are translated at exchange rate at the date of transaction for the year; and all resulting exchange
differences are accumulated in a foreign currency translation reserve until the disposal of the net investment.
Foreign exchange contracts for trading and speculation purpose
Foreign exchange contracts intended for trading and/or speculation are fair valued on a marked-to-market basis
and any loss on such valuation is recognised in the Profit and Loss Account for the year.
11. EMPLOYEE BENEFITS
(b) All employees of the Group are entitled to receive benefits under the Provident Fund, which is a defined
contribution plan. Both the employee and the employer make monthly contributions to the plan at a
predetermined rate (presently 12%) of the employees basic salary. These contributions are made to the
fund administered and managed by the Government of India. In addition, some employees of the Group are
covered under the employees state insurance schemes, which are also defined contribution schemes
recognized and administered by the Government of India.
The Groups contributions to both these schemes are expensed in the Profit and Loss Account. The Group
has no further obligations under these plans beyond its monthly contributions.
(c) Some employees of the Group are entitled to superannuation, a defined contribution plan which is administered
through Life Insurance Corporation of India (LIC). Superannuation benefits are recorded as an expense as
incurred.
(d) Short term compensated absences are provided for based on estimates. Long term compensated absences
are provided for based on actuarial valuation. The actuarial valuation is done as per projected unit credit
method.
(e) The Group provides for gratuity obligations through a defined benefit retirement plan (the Gratuity Plan)
covering all employees. The Gratuity Plan provides a lump sum payment to vested employees at retirement
(a) Short term employee benefits are recognised in the period during which the services have been rendered.
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7/21/2009, 9:23 PM
or termination of employment based on the respective employee salary and years of employment with the
Group. The Group provides for the Gratuity Plan based on actuarial valuations as per the Projected Unit
Credit Method in accordance with Accounting Standard 15 (revised), Employee Benefits. The Group
makes annual contributions to the LIC for the Gratuity Plan in respect of employees at certain circles.
(f) Other Long term employee benefits are provided based on actuarial valuation made at the end of each
financial year. The actuarial valuation is done as per projected unit credit method.
(g) Actuarial gains and losses are recognized as and when incurred.
12. PRE-OPERATIVE EXPENDITURE
Expenditure incurred by the Group from the date of acquisition of license for a new circle or from the date of
start-up of new ventures or business, up to the date of commencement of commercial operations of the circle
or the new venture or business, not directly attributable to fixed assets are charged to the Profit & Loss Account
in the year in which such expenditure is incurred.
13. LEASES
a)
Where the Group is the lessee

Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased
term, are classified as operating leases. Lease Rentals with respect to assets taken on Operating Lease are
charged to the Profit & Loss Account on a straight-line basis over the lease term.
Leases which effectively transfer to the Company substantially all the risks and benefits incidental to
ownership of the leased item are classified as finance lease. Assets acquired on Finance Lease which
transfer risk and rewards of ownership to the Group are capitalized as assets by the Group at the lower of
fair value of the leased property or the present value of the minimum lease payments or where applicable,
estimated fair value of such assets.
Amortization of capitalised leased assets is computed on the Straight Line method over the useful life of the
assets. Lease rental payable is apportioned between principal and finance charge using the internal rate of
return method. The finance charge is allocated over the lease term so as to produce a constant periodic rate
of interest on the remaining balance of liability.
b) Where the Group is the lessor

Lease income in respect of Operating Lease is recognised in the Profit & Loss Account on a straight-line
basis over the lease term.
Finance leases as a dealer lessor are recognized as a sale transaction in the Profit & Loss Account and are
treated as other outright sales.
Finance Income is recognized based on a pattern reflecting a constant periodic rate of return on the net
investment of the lessor outstanding in respect of the lease.
c)
Initial direct costs are expensed in the Profit & Loss Account at the inception of the lease.
14. TAXATION
Current Income tax and fringe benefit tax is measured at the amount expected to be paid to the tax authorities
in accordance with Indian Income Tax Act, 1961.
Deferred income taxes reflects the impact of current year timing differences between taxable income and
accounting income for the year and reversal of timing differences of earlier years. Deferred tax is measured at
each balance sheet date based on the tax rates and the tax laws enacted or substantively enacted. Deferred tax
assets and deferred tax liabilities across various countries of operation are not set-off against each other as the
company does not have a legal right to do so. Deferred tax assets are recognised only to the extent that there
is reasonable certainty that sufficient future taxable income will be available against which such deferred tax
assets can be realised. In situations where the Group has unabsorbed depreciation or carry forward tax losses,
all deferred tax assets are recognised only if there is virtual certainty supported by convincing evidence that
they can be realised against future taxable profits. Unrecognised deferred tax assets of earlier years are reassessed and recognised to the extent that it has become reasonably certain that future taxable income will be
available against which such deferred tax assets can be realized.
Minimum Alternative Tax (MAT) credit is recognised as an asset only when and to the extent there is convincing
evidence that the Group will pay normal income tax during the specified period. In the period/year in which the
MAT credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in
guidance Note issued by the Institute of Chartered Accountants of India, the said asset is created by way of a
credit to the Profit & Loss Account and shown as MAT Credit Entitlement. The Group reviews the same at each
balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no
longer convincing evidence to the effect that Group will pay normal Income Tax during the specified period.
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15. MISCELLANEOUS EXPENDITURE

Premium on redemption of debentures is recognised as an expense in the Profit & Loss Account over the period
of the related contract.
16. BORROWING COST
Borrowing cost attributable to the acquisition or construction of fixed assets which takes substantial period of
time to get ready for its intended use is capitalised as part of the cost of that asset. Other borrowing costs are
recognised as an expense in the year in which they are incurred.
17. IMPAIRMENT OF ASSETS
The carrying amounts of assets are reviewed at each balance sheet date. Assets that are subject to amortization
are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable. An impairment loss is recognized for the amount by which the assets carrying amount
exceeds its recoverable amount. The recoverable amount is the higher of the assets fair value less costs to sell
and value in use.
For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash flows (cash generating units).
18. SEGMENTAL REPORTING
a)
Primary Segment
The Group operates in five primary business segments viz. Mobile Services, Telemedia Services, Enterprise
Services Carriers, Enterprise Services Corporate and Passive Infrastructure Services.
b) Secondary Segment
The Group has operations within India as well as in other countries through entities located outside India.
The operations in India constitute the major part, which is the only reportable segment, the remaining
portion being attributable to others.
19. EARNINGS PER SHARE
The earnings considered in ascertaining the Groups Earnings per Share (EPS) comprise the net profit after tax.
The number of shares used in computing basic EPS is the weighted average number of shares outstanding
during the period/year. The weighted average number of equity shares outstanding during the year are adjusted
for the events of bonus issue. The diluted EPS is calculated on the same basis as basic EPS, after adjusting for
the effects of potential dilutive equity shares unless impact is anti dilutive.
20. WARRANTY AND ASSET RETIREMENT OBLIGATIONS (ARO)
Provision for warranty and ARO is based on past experience and technical estimates.
21. PROVISIONS
Provisions are recognised when the Group has a present obligation as a result of past event; it is more likely than
not that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate
can be made. Provisions are not discounted to its present value and are determined based on best estimate
required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and
adjusted to reflect the current best estimates.
22. EMPLOYEE STOCK OPTIONS OUTSTANDING
23. CASH AND CASH EQUIVALENTS

Cash and Cash equivalents in the Balance Sheet comprise of cash in hand and at bank and short-term investments.
Employee Stock options outstanding are valued using Black Scholes /Lattice valuation option pricing model
and the fair value is recognised as an expense over the period in which the options vest.
169
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SCHEDULE: 22
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2009
1.
Background
Bharti Airtel Limited (Bharti Airtel or the Company) incorporated in India on July 7, 1995, is a company
promoted by Bharti Telecom Limited (BTL), a company incorporated under the laws of India.
2.
New Operations
a)
During the year ended March 31, 2009, the scheme of amalgamation (Scheme) for amalgamation of Bharti
Aquanet Limited (Aquanet) with the Company has been approved by the Honble High Court and filed with
the Registrar of Companies, National Capital Terrritory of Delhi & Haryana, (ROC) on January 1, 2009.
Accordingly, all the assets and liabilities of erstwhile Aquanet are recorded by the Company under pooling
of interest method effective January 1, 2009, being the date of filing of the scheme with ROC.
b) During the year ended March 31, 2008, the Company had transferred its telecom infrastructure undertaking
worth Rs. 57,396,005 thousand into a separate legal entity Bharti Infratel Limited (BIL) at Nil value
pursuant to scheme sanctioned by The Honble High Court of Delhi, effective from January 31, 2008. The
Company had revalued its investment in BIL and recorded it at its fair value of Rs. 82,181,203 thousand.
The reserve arising on business restructuring stood at Rs. 24,785,198 thousand in the balance sheet of the
Company as of March 31, 2008.
During the year ended March 31, 2009, the Company has, based on final reconciliation with BIL, transferred
in/out certain assets and accounted these in accordance with the accounting prescribed in the Scheme
resulting into net increase in the Business Restructuring Reserve (BRR) and decrease in the net liabilities of
the Company by Rs. 126,831 thousand for year ended March 31, 2009. Correspondingly, Rs. 126,831
thousand has been reflected as increase in the Liabilities and decrease in General Reserve. This reconciliation
has no impact on the profits for the year ended March 31, 2009 or on the consolidated BRR as at March 31,
2009.
The charge of additional depreciation has been withdrawn from Business Restructuring Reserve. The additional
depreciation means depreciation charged by Bharti Infratel Limited on the respective assets transferred by
Bharti Airtel in excess of that which would be chargeable on the original book value of these assets, as if
there had been no revaluation or transfer of these assets under the demerger scheme sanctioned by the
Honble Delhi High Court.
c)
Bharti Airtel Services Limited has further invested in the Joint Venture Forum I Aviation Limited Rs. 5,500
thousand, in ordinary shares of Rs. 10 each, along with other partners, which is equivalent to an ownership
interest of 14.28% as at March 31, 2009, taking the cumulative investment in the Joint Venture to Rs.
45,500 thousand (March 31, 2008 - Rs. 40,000 thousand, ownership interest 14.28%).
d) Leading international investors have invested an amount of USD 1.35 billion in aggregate, towards 4,050
Equity Shares of Rs. 10 each (of which 225 shares issued on April 2, 2008) and 3,203,550 fully and
compulsory convertible, non-cumulative, unsecured and interest free Debentures of Rs. 10,000 each (of
which 177,975 Debentures issued as on April 2, 2008), in Bharti Infratel Limited. On August 21, 2008
Bharti Infratel Limited has issued 540,445,950 fully paid up bonus shares in ratio of 1:9,999 shares (face
value of Rs. 10 each) by utilisation of its share premium account.
e)
During the year ended March 31, 2009, Bharti Airtel invested additional amount of Rs. 1,106,553 thousands
in equity shares of its wholly owned subsidiary Bharti Airtel Holdings (Singapore) Pte. Limited. As of March
31, 2009 the amount is pending allotment by the subsidiary.
f)
On September 9, 2008, Bharti Airtel Limited subscribed to 5,717 thousand right shares of Bharti Hexacom
g) During the year ended March 31, 2009, the Company contributed Rs. 2,049,411 thousand in its wholly
owned subsidiary Bharti Airtel (Lanka) Private Limited towards equity.
h) On October 9, 2008, Bharti Telemedia Limited, the subsidiary of the Company, has started its commercial
operation to provide Direct to Home (DTH) services.
i)
On January 20, 2009, Bharti Infratel Limited, in the Board Meeting, has approved for the demerger of
undertaking comprising of Passive Telecom infrastructure in 12 Circles and merge thereof with Bharti
Infratel Venture Limited, a wholly owned subsidiary of the Bharti Infratel Limited through Scheme of
Arrangement.
j)
On February 19, 2009, the Company increased its stake in Bharti Hexacom Limited by 1.11% through
acquisition of 2,780,306 equity shares for an aggregate consideration of Rs. 166,818 thousand.
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k)
3.
On March 4, 2009, the Company has subscribed 1,470,000 equity shares (49% stake) in Bharti Teleports
Contingent Liabilities
a)
Total Guarantees outstanding as at March 31, 2009 amounting to Rs. 22,482,772 thousand (March 31,
2008 Rs. 14,788,526 thousand) have been issued by banks and financial institutions on behalf of the
Group.
Corporate Guarantees outstanding as at March 31, 2009 amounting to Rs. 1,576,542 thousand (March 31,
2008 Rs. 1,198,890 thousand) have been given to banks and financial institutions on behalf of Group
Companies.
b) Claims against the Group not acknowledged as debt : (Excluding cases where the possibility of any outflow
in settlement is remote):
(Rs 000)
Particulars
(i) Taxes, Duties and Other demands
(under adjudication/appeal/dispute)
-Sales Tax (see c below)
-Service Tax
-Income Tax
-Customs Duty (see g below)
-Stamp Duty
-Entry Tax (see h below)
-Municipal Taxes
-Access Charges
-DoT demands
-Other miscellaneous demands
(ii) Claims under legal cases including arbitration matters
As at
March 31, 2009
As at
March 31, 2008
405,526
684,937
2,005,446
2,289,442
594,685
1,556,436
3,327
2,210,023
580,933
66,034
582,524
10,979,313
362,579
183,551
1,735,072
31,194
681,617
587,466
3,193
2,239,974
1,196,661
68,181
441,320
7,530,808
Unless otherwise stated below, the management believes that, based on legal advice, the outcome of these
contingencies will be favourable and that a loss is not probable.
c)
Sales tax
The claims for sales tax as of March 31, 2009 comprised the cases relating to:
i.
the appropriateness of the declarations made by the Group under the relevant sales tax legislations
which was primarily procedural in nature; and
ii.
the applicable sales tax on disposals of certain property and equipment items.
d) Service tax
The service tax demands as of March 31, 2009 relate to:
e)
i.
roaming revenues charged from other operators; and
ii.
subscriber receivables written off.
Income tax demand under appeal

Income tax demands under appeal mainly included the appeals filed by the Group before various appellate
authorities against the disallowance of certain expenses being claimed under tax by income tax authorities.
f)
Access charges
Interconnect charges are based on the IUC agreements between the operators although the IUC rates are
governed by the IUC guidelines issued by TRAI. BSNL has raised a demand requiring the Group to pay the
interconnect charges at the rates contrary to the guidelines issued by TRAI. The Group filed a petition
against that demand with the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) which passed
a status quo order, stating that only the admitted amounts based on the guidelines would need to be paid by
the Group.
and that a loss is not probable. Accordingly, no amounts have been accrued although some have been paid
under protest.
g) Customs duty
The custom authorities, in some states, demanded Rs. 2,289,442 thousand as of March 31, 2009 (March
31, 2008 - Rs. 31,194 thousand) for the imports of special software on the ground that this would form
part of the hardware along with which the same has been imported. The view of the Group is that such
imports should not be subject to any custom duty as it would be an operating software exempt from any
The management believes that, based on legal advice, it is probable that its tax positions will be sustained
and, accordingly, recognition of a reserve for those tax positions will not be appropriate.
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custom duty. The management is of the view that the probability of the claims being successful is remote.
h) Entry tax
In certain states an entry tax is levied on receipt of material from outside the state. This position has been
challenged by the Group in the respective states, on the grounds that the specific entry tax is ultra vires the
constitution. Classification issues have been raised whereby, in view of the Group, the material proposed to
be taxed not covered under the specific category. The amount under dispute as of March 31, 2009 was
Rs. 1,556,436 thousand (March 31, 2008 - Rs. 587,466 thousand) included in Note 3 (b) above.
i)
j)
DoT Demands
i)
The Group has received demands from DoT pertaining to Bharti Broadband Limited (now merged with
Bharti Airtel Limited) amounting to Rs. 50,563 thousand against which an appeal has been filed before
Honble TDSAT (included in note 3 (b) above). The erstwhile promoter of Bharti Broadband Limited has
undertaken to reimburse the Group in the event of the claim being payable.
ii)
The Group has not been able to meet its roll out obligations fully due to certain non-controllable factors
like Telecommunication Engineering Center testing, Standing Advisory Committee of Radio Frequency
Allocations clearance, non availability of spectrum, operational hazards, etc. The Group has received
show cause notices from DoT for 14 of its circles for non-fulfillment of its roll out obligations. The
Group is confident that this show cause notice would not result into liability.
Others
Others mainly include disputed demands for consumption tax, disputes before consumer forum and with
respect to labour cases and a potential claim for liquidated damages.
and that a loss is not probable. No amounts have been paid or accrued towards these demands.
k)
Bharti Mobinet Limited (BMNL) litigation

Bharti Airtel is currently in litigation with DSS Enterprises Private Limited (DSS) (0.34 per cent equity
interest in erstwhile Bharti Cellular Limited (BCL)) for an alleged claim for specific performance in respect of
alleged agreements to sell the equity interest of DSS in erstwhile BMNL to Bharti Airtel. The case filed by
DSS to enforce the sale of equity shares before the Delhi High Court had been transferred to District Court
and was pending consideration of the Additional District Judge. This suit was dismissed in default on the
ground of non-prosecution. DSS had filed an application for restoration of the suit but has subsequently
withdrawn the restoration application. In respect of the same transaction, Crystal Technologies Private
Limited (Crystal), an intermediary, has initiated arbitration proceedings against the Company demanding
Rs. 194,843 thousand included in Note 3 (b) above regarding termination of its appointment as a consultant
to negotiate with DSS for the sale of DSS stake in erstwhile BMNL to Bharti Airtel. DSS has also filed a suit
against a previous shareholder of BMNL and Bharti Airtel challenging the transfer of shares by that shareholder
to Bharti Airtel. The suit was subsequently dismissed as frivolous, which has been appealed to in the Delhi
High Court by DSS and subsequently transferred to District Court. DSS has also initiated arbitration proceedings
seeking direction for restoration of the cellular license and the entire business associated with it including all
assets of BCL/BMNL to DSS or alternatively, an award for damages. An interim stay has been granted by
the Delhi High Court with respect to the commencement of arbitration proceedings. The liability, if any, of
Bharti Airtel arising out of above litigation cannot be currently estimated. Since the amalgamation of BCL
and erstwhile Bharti Infotel Limited (BIL) with Bharti Airtel, DSS, a minority shareholder in BCL, has been
issued 2,722,125 equity shares of Rs. 10 each bringing the share of DSS in Bharti Airtel down to 0.14% as
at March 31, 2009. The management believes that, based on legal advice, the outcome of these contingencies
will be favourable and that a loss is not probable. Accordingly, no amounts have been accrued or paid in
regard to this dispute.
4.
Export Obligation
The Group obtained licenses under the Export Promotion Credit Guarantee (EPCG) Scheme for importing
capital goods at a concessional rate of customs duty against submission of bank guarantee and bonds.
Under the terms of the respective schemes, the Group is required to export goods of FOB value equivalent to,
or more than, five times the CIF value of imports in respect of certain licenses and eight times the duty saved in
respect of licenses where export obligation has been refixed by the order of Director General Foreign Trade,
Ministry of Finance, as applicable within a period of eight years from the import of capital goods. The Export
Promotion Capital Goods Scheme, Foreign Trade Policy 2004-2009 as issued by the Central Government of
India, covers both manufacturer exporters and service providers. Accordingly, in accordance with Clause 5.2 of
the Policy, export of telecommunication services would also qualify.
Accordingly the Group was required to export goods and services of FOB value of at least Rs. 2,733,073
thousand (March 31, 2008 - Rs. 1,213,014 thousand).
5.
a)
Estimated amount of contracts to be executed on capital account and not provided for (net of advances)
Rs. 64,324,498 thousand (March 31, 2008 - Rs. 85,724,477 thousand).
b) Under the IT Outsourcing Agreement, the Group has commitments to pay Rs. 8,127,823 thousand (March
31, 2008 - Rs. 8,009,806 thousand).
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7/21/2009, 9:23 PM
6.
Employee Benefits
(a) During the year, the Group has recognized the following amounts in the Profit & Loss Account
Defined Contribution Plans
(Rs. 000)
Particulars
For the year ended

March 31, 2009
For the year ended

March 31, 2008
617,843
2,162
25,080
530,316
1,173
39,683
Employers Contribution to Provident Fund*@

Employers Contribution to Super annuation Fund #
Employers Contribution to ESI*
* Included in Contribution to Provident and Other Funds (Refer Schedule 16)

@ Includes Contribution to Defined Contribution Plan for Key Managerial Personnel
Defined Benefit Plans
Gratuity liability and leave encashment liability are defined benefit obligations and are provided for on the
basis of an actuarial valuation on projected unit credit method made at the end of each financial year.
(Rs. 000)
Particulars
Funded
Gratuity #
Unfunded
Total
Leave Encashment #
Unfunded

Interest cost
Past service cost
141,233
25,169
(5,288)
124,534
68,969
12,293
6,484
210,202
37,462
(5,288)
131,018
214,135
39,434
56,308
Net gratuity/Leave encashment cost
285,648
87,746
373,394
309,877
Funded
Gratuity #
Unfunded
Total
Leave Encashment #
Unfunded
97,549
18,772
(4,803)
87,892
199,410
47,636
9,168
(4,803)
52,001
145,185
27,940
(4,803)
83,089
251,411
231,003
28,807
83,897
343,707
# included in Salaries, Wages and Bonus (Refer Schedule 16)

(Rs. 000)
Particulars
Interest cost
Past service cost
Net gratuity/Leave encashment cost
Particulars
Discount Rate
1st Three Years
Thereafter
Gratuity
Leave Encashment
7.50%
7.50%
15.00%
7.00%
7.50%
27.74 years
15.00%
7.00%
N.A.
27.74 years
Gratuity
Leave Encashment
7.50%
7.00%
7.50%
25.85 years
7.50%
7.00%
N.A.
25.85 years
Previous year Assumptions:

Particulars
Discount Rate
(b) The assumptions used to determine the benefit obligations are as follows :
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7/21/2009, 9:23 PM
(c)
Reconciliation of opening and closing balances of benefit obligations and plan assets
(Rs. 000)
Particulars
Change in Projected Benefit Obligation (PBO)
Projected benefit obligation at
beginning of year
Interest cost
Benefits paid
Past service cost
Settlement cost
Benefits paid
Funded
Gratuity
Unfunded
Total
Leave Encashment
Unfunded
354,577
141,233
25,169
(4,281)
516,698
144,913
68,969
12,293
(92,868)
130,011
263,318
499,490
210,202
37,462
(92,868)
125,730
780,016
525,781
214,135
39,434
(217,677)
56,308
617,981
70,502
5,288
(5,288)
10,635
81,137
70,502
5,288
(5,288)
10,635
81,137
(263,318) (698,879)
(263,318) (698,879)
(617,981)
(617,981)
(435,561)
(435,561)

(Rs. 000)
Particulars
Total
Leave Encashment
Unfunded
250,299
97,549
18,772
(21,529)
9,486
354,577
122,228 372,527
47,636 145,184
9,168
27,940
(102,920) (124,449)
68,801
78,287
144,913 499,489
384,094
231,003
28,807
(202,019)
83,896
525,781
64,037
4,803
(4,803)
27,994
(21,529)
70,502
64,037
4,803
(4,803)
27,994
(21,529)
70,502
(284,075)
(284,075)
(144,913) (428,987)
(144,913) (428,987)
(525,781)
(525,781)
Funded
Change in Projected Benefit Obligation (PBO)
Projected benefit obligation at
beginning of year
Interest cost
Benefits paid
Past service cost
Settlement cost
Benefits paid
Gratuity
Unfunded
(d) The expected rate of return on plan assets was based on the average long-term rate of return expected to
prevail over the next 15 to 20 years on the investments made by the LIC. This was based on the historical
returns suitably adjusted for movements in long-term government bond interest rates. The discount rate is
based on the average yield on government bonds of 20 years.
(e) The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority,
promotion and other relevant factors, such as supply and demand in the employment market.
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7/21/2009, 9:23 PM
(f) The Group made annual contributions to the LIC of an amount advised by the LIC. The Group was not
informed by LIC of the investments made by the LIC or the break-down of plan assets by investment type.
(g) Estimated amounts of benefits payable within next year are Rs. 280,188 thousand (March 31, 2008
Rs. 244,312 thousand).
(h) The table below illustrates experience adjustment disclosure as per para 120 (n) (ii) of Accounting Standard
15, Employee Benefits
Gratuity
Leave Encashment
For the year For the year For the year For the year For the year For the year
ended March ended March ended March ended March ended March ended March
31, 2009
31, 2008
31, 2007
31, 2009
31, 2008
31, 2007
Particulars
Defined benefit obligation

780,016
Plan assets
81,137
Surplus / (deficit)
(698,879)
Experience adjustments on
plan liabilities
(82,041)
Experience adjustments on
plan assets
(5,288)
499,489
70,502
(428,987)
372,527
64,037
(308,490)
617,981
(617,981)
525,781
(525,781)
384,094
(384,094)
(61,424)
37,174
(25,407)
(69,906)
19,182
(4,803)
394
(i) Movement in provision for Deferred Incentive Plan

(Rs. 000)
Particulars
For the year ended

March 31, 2009
For the year ended

March 31, 2008
139,843
572,216
133,191
578,868
265,131
108,267
233,555
139,843
Opening Balance
Less : Utilized during the year
Closing Balance
7.
Investment in Joint Ventures/Jointly owned assets :

Jointly owned assets:
a)
The Company has participated in various consortiums towards supply, construction, maintenance and providing
long term technical support with regards to following Cable Systems. The details of the same are as
follows:
Cable Project
SMW-4
AAG - Project
EASSY - Project
EIG - Project
IMEWE- Project
Unity - Project - Common
Unity - Project - Light Up
Total Contribution
WDV As at
March 31, 2009
(Rs 000)
Share %
(Rs 000)
Capital Work
In Progress
(Rs 000)
2,514,188
1,212,110
29,753
550,389
1,157,698
323,939
40,541
331,727
1,212,110
29,753
550,389
1,157,698
323,939
40,541
1,763,754
10.76%
7.08%
1.11%
7.09%
12.79%
10%
13.91%
b) The Company entered into a Joint Venture with 9 other overseas mobile operators to form a regional
alliance called the Bridge Mobile Alliance incorporated in Singapore as Bridge Mobile Pte Ltd. The principal
activity of the venture is creating and developing regional mobile services and managing the Bridge Mobile
Alliance Programme. The Group has invested USD 2,200 thousand, amounting to Rs. 92,237 thousand, in
2,200 thousand ordinary shares of USD 1 each which is equivalent to an ownership interest of 10.00% as
at March 31, 2009 (March 31,2008: USD 2,200 thousands Rs. 92,237 thousand, ownership interest
10.00%).
c)
Bharti Infratel Limited has entered into a joint venture agreement on December 8, 2007 with Vodafone
Essar Limited and Idea Cellular Limited to form an independent tower company (Indus Towers Limited) to
provide passive infrastructure services in 16 circles of India. The Company and Vodafone Essar Limited
holds 42% each in the Indus Tower Limited and the balance 16% will be held by Aditya Birla Telecom
Limited. For this purpose Bharti Infratel Ventures Limited has been incorporated as a wholly owned subsidiary
of Bharti Infratel Ltd wherein the relevant assets are to be transferred for ultimate merger in the Indus
Towers Limited. Pursuant to the aforesaid agreement, Bharti Infratel Limited has acquired 50,000 equity
shares of Rs. 10 each in Indus Towers Limited on December 17, 2007 for an aggregate value of Rs. 500
thousand.
d) Bharti Airtel Services Limited (BASL) entered into a Joint Venture with 6 other parties to form an aircraft
chartering company called the Forum I Aviation Limited incorporated in India. The principal activity of the
venture is operating aircrafts on charter basis. BASL has further invested in the ordinary shares of Rs. 10
Joint Ventures:
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7/21/2009, 9:23 PM
each amounting to Rs. 5,500 thousand along with other partners, which is equivalent to an ownership
interest of 14.28% as at March 31, 2009, taking the cumulative investment in the Joint Venture to
Rs. 45,500 thousand (March 31,2008: Rs. 40,000 thousand, ownership interest 14.28%).
e)
The following represent the Groups share of assets and liabilities, and income and results of the joint
ventures after elimination of transactions between joint ventures and the Company to the extent of its
proportionate share which are included in the Balance Sheet and Profit and Loss Account respectively.
(Rs. 000)
Particulars
Balance Sheet
Reserve and surplus
Fixed assets, (net)
Investments
Current assets
Sundry Debtors
Cash and bank
Loans and advances
Current liabilities and provisions
Unsecured Loans
Secure Loan
As at
March 31, 2009
As at
March 31, 2008
(738,920)
28,252,977
2,824
(34,370)
13,782
23,133
4,569,743
2,041,987
5,604,738
18,117,789
376,982
15,562,449
7,770,000
3,538
60,452
34,504
27,802
10,975
(Rs. 000)
Particulars
For the year ended For the year ended

March 31, 2009
March 31, 2008

Service revenue
Other income
Expenses
Operating expenses
Selling, general and administration expenses
Finance expenses/(income)
Depreciation
Deferred Tax liability
Fringe Benefit Tax
Profit/(Loss)
Contigent Liability
Capital Commitment
8.
8,946,430
41,263
17,563
27,872
7,894,247
210,135
1,051,728
925,915
221
(376,982)
6,198
(723,769)
27,316
35,311
(1,367)
4,027
(19,852)
10,160,782
165
7,728
Goodwill
The following is the detail of goodwill in the consolidated financial statements of Bharti Airtel as at March 31,
2009:
(Rs. 000)
On Acquisition of
70 per cent equity interest (Previous year 68.89 per cent) in
BHL by Bharti Airtel
100 per cent equity interest in SBEL by Bharti Airtel
100 per cent equity interest in BBL by SBEL
10 per cent in Bridge Mobile Pte Ltd, the joint venture Company
100 per cent equity interest in Bharti Aquanet Limited by Bharti Airtel
100 per cent equity interest in Network i2i by Bharti Airtel
Total
176
As at
March 31, 2009
As at
March 31, 2008
3,067,862
31,070
92,860
4,649
33,578
5,395,355
8,625,374
3,056,346
31,070
92,860
4,649
33,578
5,395,355
8,613,858
7/21/2009, 9:23 PM
9.
Minority interest represents that part of the net results of operations and of the net assets of a subsidiary
attributable to interests which are not owned, directly or indirectly through subsidiary (ies) by Bharti Airtel as
follows:
(Rs. 000)
Particulars
As at
March 31, 2009
As at
March 31, 2008
1,216,200
1,507,331
5,958,513
1,763,221
1,852,275
12,297,540
813,218
1,627,837
5,825,189
875,829
1,000,163
10,142,236
Share Capital
Share Premium
Reserve arising under Scheme of Arrangement*
Share of Opening Reserve
Share of current Year Profit/(Loss)
Total
* Refer Note 2(b) on Schedule 22
10. Rs. 3,728,953 thousand (March 31, 2008 - Rs. 3,666,023 thousand) included under Current Liabilities, represents
refundable security deposits received from subscribers on activation of connections granted thereto and are
repayable on disconnection, net of outstanding, if any and security deposits received from channel partners.
Sundry debtors are secured to the extent of the amount outstanding against individual subscribers by way of
security deposit received from them.
11. As at March 31, 2009, 2,090,245 equity shares (March 31, 2008 - 2,317,645 equity shares) of the Company
are held by Bharti Tele-Ventures Employees Welfare Trust, issued at the rate of Rs. 51.36 per equity share fully
paid up.
12. Sales and Marketing in Schedule 17 includes goodwill waivers which are other than trade discount of
Rs. 348,853 thousand (March 31, 2008 - 291,774 thousand).
13. Particulars of securities charged against secured loans taken by the Group are as follows:
Amount Outstanding
(Rs 000)
11.70%, 50 Non-convertible
Redeemable Debentures of Rs. 10,000
thousand
each
repayment
commencing from Dec 2009
500,000
Security charges
First ranking pari passu charge on all present

and future tangible movable and immovable
assets owned by Bharti Airtel Limited including
plant and machinery, office equipment, furniture
and fixtures fittings, spares tools and
accessories
All rights, titles, interests in the accounts, and

monies deposited and investments made there
from and in project documents, book debts and
insurance policies.
First ranking pari passu charge and equitable
on all present and future tangible movable and
immovable assets (excluding land) owned by
Bharti Infratel Limited including plant and
machinery, office equipment, furniture and
fixtures, spares tools and accessories.
Loan from Bank
6,000,000
Loan from Bank
7,770,000
Secured by pari passu first charge by way of

hypothecation over the present and future movable
assets (tower assets), machinery spares, tools and
accessories, excluding receivables of Indus Tower
Limited.
17,304
Secured by Hypothecation of Vehicles of the

Company
Vehicle Loan from Bank

Total
14,287,304
Note: Following shall be excluded from Securities as mentioned above:

a)
Intellectual properties of Bharti Airtel.
b) Investment in subsidiaries of Bharti Airtel.

c)
Particulars
Licenses issued by DoT to provide various telecom services.
177
177
7/21/2009, 9:23 PM
14. The movement of provision made for site restoration cost and warranty charges in accordance with AS29
Provisions, Contingent liabilities and Contingent Assets notified under Companies (Accounting Standards)
Rules, 2006, (As amended) is given below:
i)
Site Restoration Cost:

(Rs. 000)
Particulars
Opening Balance
Closing Balance
ii)
For the year ended

March 31, 2009
For the year ended

March 31, 2008
5,801,180
4,757,973
10,559,153
3,477,951
2,323,180
5,801,131
For the year ended

March 31, 2009
For the year ended

March 31, 2008
7,528
9,989
14,459
3,058
2,263
9,296
4,031
7,528
Warranty Charges:
(Rs. 000)
Particulars
Opening Balance
Less: Utilised/reversed during the year
Closing Balance
15. Information about Business Segments - Primary

(Rs. 000)
Reportable
Segments
Mobile
Services
Telemedia
Services
Enterprises
Services
Carriers
Enterprise
Services
Corporate
Passive
Infrastructure
Others
Eliminations
Total
295,944,616
8,243,851
31,230,090
2,195,943
22,305,505
45,929,412
12,410,940
4,022,921
12,707,127
38,205,845
446,346
- 375,044,624
3,553,882 (102,151,854)
-
Total Revenue
304,188,467
33,426,033
68,234,917
16,433,861
50,912,972
4,000,228 (102,151,854) 375,044,624
Results
Net Finance Expense/( Income )
68,746,069
-
8,187,883
-
25,709,297
-
5,927,956
-
3,204,243
-
Net Profit / (Loss)
68,746,069
8,187,883
25,709,297
5,927,956
3,204,243 (25,473,759)
1,684,463
5,927,956
Revenue
Provision for Tax

- Current Tax inclusive of MAT credit
Minority Interest
Net Profit / (Loss) after tax
(6,860,931)
18,612,828
(391,559) 104,522,958
- 18,612,828
(391,559)
85,910,130
8,082,305
408,131
(3,022,126)
-
8,082,305
408,131
(3,022,126)
1,852,275
3,036,431 (30,942,069)
(391,559)
78,589,545
167,812
67,061,606
8,187,883
25,709,297
Other Information
Segment Assets
Deferred Tax Asset
MAT Credit
233,283,156
143,765,234
-
49,695,333
17,019,515
-
67,169,802
83,586,494
-
12,569,123 202,578,918
18,134,560 17,488,997
-
58,824,123
- 624,120,455
5,273,054 (285,267,855)
292,978
292,978
-
Total Assets
377,048,390
66,714,848 150,756,296
30,703,683 220,067,915
64,390,155 (285,267,855) 624,413,433
Segment Liabilities
Minority Interest
Total Liabilities
Capital Expenditure
178
99,760,222
73,289,611
4,540,707
-
8,014,601
47,746,070
-
24,199,314
64,186,124
-
177,590,540
55,760,671
88,385,438
84,543,496
26,143,730
16,717,260
6,102,576
17,926,151
4,779,423
6,648,945
5,567,882
-
94,680,802
18,182,791
7,756,833
-
87,532,765
- 320,836,649
76,295,377 (285,267,855)
- 12,297,540
-
12,216,827 120,620,426 163,828,142 (285,267,855) 333,134,189

3,196,169
1,663,136
62,352,487
12,709,477
3,863,082 (21,653,937) 166,944,708

1,029,545 (2,788,905) 49,638,982
7/21/2009, 9:23 PM

(Rs. 000)
Reportable
Segments
Mobile
Services
Telemedia
Services
Enterprises
Services
Carriers
Enterprise
Services
Corporate
Passive
Infrastructure
Others
Eliminations
Total
213,396,081
5,301,182
27,410,804
1,204,345
21,279,879
22,518,216
10,522,903
3,362,085
202,947
5,820,260
105,882
- 272,918,496
2,430,981 (40,637,069)
-
Total Revenue
218,697,263
28,615,149
43,798,095
13,884,988
6,023,207
2,536,863 (40,637,069) 272,918,496
Results
Net Finance Expense/(Income )
59,268,732
-
6,108,650
-
11,289,458
-
5,245,003
-
1,242,752
-
(4,192,881)
5,278,690
(567,550)
-
78,394,164
5,278,690
Net Profit / (Loss)
59,268,732
6,108,650
11,289,458
5,245,003
1,242,752
(9,471,571)
(567,550)
73,115,474
1,028,770
(61,200)
3,954
28,639
9,353,297
402,986
(1,196,238)
(398,625)
-
9,353,297
402,986
(1,196,238)
(398,625)
1,000,163
5,245,003
1,214,113 (17,632,991)
(567,550)
63,953,891
Revenue
Provision for Tax

- Current Tax
MAT Credit
Minority Interest
Net Profit/(Loss) after tax
58,239,962
6,169,850
11,285,504
Other Information
Segment Assets
Deferred Tax Asset
MAT Credit
182,618,616
81,889,201
-
40,938,828
3,987,659
-
50,734,388
52,768,433
-
12,000,110 159,988,394
9,253,769 75,097,903
-
27,313,819
- 473,594,155
123,620 (223,120,585)
765,146
765,146
Total Assets
264,507,817
44,926,487 103,502,821
21,253,879 235,086,297
28,202,585 (223,120,585) 474,359,301
Segment Liabilities
134,429,036
24,192,776
Minority Interest
10,142,236
Provision for tax (Net of Advance Tax)
-
7,462,959
33,917,584
-
20,237,445
44,218,245
-
7,052,951
1,603,505
-
48,585,915
82,506,445
-
26,475,784
- 244,244,090
36,682,030 (223,120,585)
- 10,142,236
2,729,149
2,729,149
Total Liabilities
168,764,048
41,380,543
64,455,690
8,656,456 131,092,360
65,886,963 (223,120,585) 257,115,475
91,075,036
27,445,098
11,063,082
5,536,379
17,365,848
3,655,903
6,667,994 116,597,942
1,085,650
1,524,097
2,247,002 (26,973,615) 218,043,289

467,067 (1,611,831) 38,102,363
Capital Expenditure
Segment Definitions
Mobile Services These services cover telecom services provided through cellular mobile technology wherein a
subscriber is connected to the network through wireless equipment. The subscriber can freely roam around
anywhere and stay connected wherever the wireless network coverage is available.
Enterprise Services Carriers The domestic and international long distance services are intermediary services
provided to the service providers of cellular or fixed line services. Using these services, these other service
providers route their long distance calls i.e. outside local boundaries of a city area.
Enterprise Services Corporate These services include internet services, broadband services, providing bandwidth
and other network solutions to corporate customers.
Passive Infrastructure Services These services include setting up, operating and maintaining wireless
communication towers, provide network development services and to engage in video, voice, data and internet
transmission business in and out of India.
Other operations These comprise the unallocated revenues, profits / (losses), assets and liabilities of the
Group none of which constitutes a separately reportable segment. The corporate headquarters expenses are
not charged to individual segments. Other operation also includes revenues, profits / (losses), assets and liabilities
of Direct to Home Services.
Telemedia Services (formerly Broadband and Telephone Services) These services are provided through wireline connectivity to the subscriber. The end-user equipment is connected through cables from main network
equipment (i.e. switch) to subscribers premises.
179
179
7/21/2009, 9:23 PM
Notes:
1. Others represents the Unallocated Revenue, Profit/(Loss), Assets and Liabilities.
2. Segment results represents Profit/(Loss) before Finance Expenses and Tax.
3. Capital expenditure pertains to gross additions made to fixed assets during the year excluding goodwill.
4. Segment Assets include Fixed Assets, Capital Work in Progress, Pre-operative Expenses Pending Allocation,
Investments, Current Assets and Miscellaneous Expenditure to the extent not written off.
5. Segment Liabilities include Secured and Unsecured loans, Current Liabilities and Provisions.
6. Inter segment Assets/Liabilities represent the inter segment account balances.
7. Inter segment revenues excludes the provision of telephone services free of cost among group companies.
Others are accounted for on terms established by management on arms length basis. These transactions
have been eliminated in consolidation.
8. The accounting policies used to derive reportable segment results are consistent with those described in the
Significant Accounting Policies note to the financial statements. Also refer Note 18 - Policy of significant
accounting policy of Segment reporting of Schedule 22.
Information about Geographical Segment Secondary
The Group has operations within India as well as with entities located in other countries. The information
relating to the Geographical segments in respect of operations within India, which is the only reportable segment,
the remaining portion being attributable to others, is presented below for the year ended March 31, 2009.
(Rs. 000)
Particulars
Segment Revenue from external customers based on
geographical location of customers (including Other Income)
Within India
Others
Carrying amount of Segment Assets by geographical location
Within India
Others
Cost incurred during the year to acquire segment assets by
geographical location
Within India
Others
As at
March 31, 2009
As at
March 31, 2008
354,157,278
20,887,346
256,863,565
16,054,931
375,044,624
272,918,496
592,622,311
31,791,122
624,413,433
466,967,501
7,391,800
474,359,301
158,033,878
8,910,830
166,944,708
215,207,988
2,835,301
218,043,289
Notes:
1. Others represents the Unallocated Revenue, Assets and acsquisition of Segment Assets of the Group.
2. Assets include Fixed Assets, Capital Work in Progress, Investments, Current Assets and Miscellaneous
Expenditure to the extent not written off.
3. Cost incurred to acquire Segment Assets pertains to gross additions made to Fixed Assets during the year.
180
7/21/2009, 9:23 PM
16. Related Party Disclosures :

In accordance with the requirements of Accounting Standards (AS) -18 on Related Party Disclosures, the names
of the related parties where control exists and/or with whom transactions have taken place during the year and
description of relationships, as identified and certified by the management are:
List of Related Parties
Key Management Personnel :
Sunil Bharti Mittal
Akhil Gupta
Manoj Kohli
Other Related Parties
Name of the Related Party and Relationship
Entity having significant influence
Singapore Telecommunications Limited
Entities where Key Management Personnel exercises significant influence / Group Companies
Comviva Technologies Limited (Formerly Bharti Telesoft Limited)
Bharti Tele-Ventures Employees Welfare Trust
Bharti Wal-Mart Private Limited
Bharti Enterprises Limited
Bharti Retail Private Limited
Bharti Foundation
Bharti Electoral Trust
Bharti Reatly Private Limited (Formerly Jasmine Projects Private Limited)
Tamarind Projects Private Limited
Telecom (Seychelles) Limited
Guernsey Airtel Limited
Bharti Del Monte India Private Limited
Primerose Projects Private Limited*
Bharti AXA Life Insurance Co. Ltd
Jersey Airtel Limited
Centum Learning Limited (Formerly Bharti Learning System Limited)
Jataayu Software Limited
Bharti AXA General Insurance Co. Limited
Bharti AXA Investment Managers Private Limited
* Merged with Bharti Realty Private Limited
181
181
7/21/2009, 9:23 PM
182
7/21/2009, 9:23 PM

Salary
Donation
Amount received on exercise of
ESOP options
Share Capital issued
Loan from Group Companies
Closing balance
Unsecured Loan
Creditors
Loans and Advances
Debtors
Closing Balance
531,594
531,594
531,594
9,078
9,078
1,549,602
(817,723)
Bharti
Singapore
Telecom TelecommuLimited
nications
Limited
437
437
437
1,328
Bharti
Wal-Mart
Private
Limited
Bharti
Teletech
Limited
(242,405)
(242,405)
(242,405)
(686)
22,499
(806,197)
25,952
25,952
25,952
25,952
(53,600)
54
(5,737)
1,410
102,508
(100,690)
(17,125) (1,057,542)
Comviva
Technologies
Limited
738
738
738
738
15,064
(12,434)
Telecom
Seychelles
Limited
594,779
594,779
594,779
594,779
259,979
126,293
(44,307)
Jasmine
Projects
Private
Limited
10,160
10,160
10,160
10,160
4,165
Guernsey
Airtel
Limited
14,622
Tamarind
Projects
Private
Limited
17,474
Jasmine
Projects
Private
Limited
447
447
447
(1,034)
447
Bharti
Del Monte
India
Private
Limited
(Rs 000)
(188,991)
Primerose
Projects
Private
Limited
183
183
7/21/2009, 9:23 PM
107,364
107,364
107,364
(11,679)
Bharti
Televentures
Employee
Welfare Trust
Notes:
* Ceased to be Joint Managing Director with effect from August 1, 2008.
23,740
Closing Balance
(3,079)
103,188
23,740
23,740
Unsecured Loan
Creditors
Loans and Advances
Debtors
Bharti
Foundation
23,887
(51)
Closing balance

Salary
Donation
of ESOP options
Share Capital issued
Loan from Group Companies
Bharti
AXA Life
Insurance
Co. Ltd
31,672
31,672
31,672
(365)
43,559
(477)
Jersey
Airtel
Limited
470
470
470
(6,210)
(223,834)
71
1,134
Bharti
Enterprises
Limited
62,669
62,669
62,669
(25,721)
(6,149)
28,850
13,650
45
(208,560)
Centum
Learning
Limited (Formally
Bharti Learning
System Limited)
6,210
6,210
6,210
(8,248)
5,131
(3,936)
13,694
17,184
Bharti
Retail
Private
Limited
230
230
230
1,552
Jataayu
Software Ltd
Bharti Axa
Investment
Managers
Private
Limited
(634)
(1,210,027)
911,887
(10,076)
Bharti
Axa General
Insurance
Co Ltd
14,700
Bharti
Teleports
Limited
(110,000)
(110,000)
(110,000)
228,977
Sunil
Bharti
Mittal
(24,733)
(24,733)
(24,733)
60,579
Akhil
Gupta *
(7,989)
(7,989)
(7,989)
25,958
Manoj
Kohli
(Rs 000)
184
7/21/2009, 9:23 PM
147
147
3,252
3,252
3,252
3,252
454
147
(50,515)
(50,515)
(50,515)
(77)
53,607
523,791
523,791
523,791
523,791
(440)
1,222
189,122
(52,486)
Bharti
Realty
Private
Limited
(8,666)
Tamarind
Projects
Private
Limited
104,441
Bharti
Foundation
12,900
13,015
12,900
115
13,015
(15,873)
(36,586)
3,263
15,642
31
Bharti
Enterprises
Limited
Note:
1) Payment made to Key Management Personnel (excluding Manoj Kohli) is Rs. 264,498 thousand (March 31, 2007: Rs. 232,182 thousand)
Maximum Loans & Advances

during the year
110,279
110,279
Unsecured Loan
Creditors
Loan and Advances
Debtors
Closing Balance
110,279
Closing balance
Bharti
Teletech
Limited
(14,179) (1,543,914)
4,524
5,939
(556,707)
(89,785)
681

1,164,107
(1,960,328)
Fund transferred/includes
expenses incurred on behalf of others
79,265
(850,013)

Salary
Donation
Amount received on
exercise of ESOP options
Purchase of shares of
(2,658,020)
Comviva
Technologies
Limited
Bharti
Wal-Mart
Private
Limited
Singapore
Telecommunication Limited
(3,197)
(3,197)
(3,197)
(10,463)
5,085
(1,994)
1,998
202
Bharti
Retail
Private
Limited
200,000
Bharti
Electoral
Trust
Bharti
Venturetech
Limited
119,043
119,043
119,043
119,043
(2,658,020)
(14,750)
Bharti
TeleVentures
Employees
Welfare Trust
32,087
Manoj
Kohli
(Rs 000)
17. Leases
a)
Operating Lease As a Lessee

The lease rentals charged during the year for cancelable/non-cancelable leases relating to rent of building
premises and cell sites as per the agreements and maximum obligation on long-term non-cancelable operating
leases are as follows:
(Rs. 000)
Particulars
Lease Rentals
Obligations on non cancelable leases :
Total
As at
March 31, 2009
As at
March 31, 2008
17,793,314
8,937,331
17,248,848
41,385,602
59,479,474
118,113,924
4,966,705
19,348,131
40,396,172
64,711,008
The escalation clause includes escalation ranging from 0 to 50%, includes option of renewal from 1 to 99 years
and there are no restrictions imposed on lease arrangements.
b) Operating Lease As a Lessor
i)
The Group has entered into a non-cancelable lease arrangement to provide approximately 100,000 fiber
pair kilometers of dark fiber on indefeasible right of use (IRU) basis for a period of 18 years. The lease
rental receivable proportionate to actual kilometers accepted by the customer is credited to the Profit
and Loss Account on a straight-line basis over the lease term. Due to the nature of the transaction, it is
not possible to compute gross carrying amount, depreciation for the year and accumulated depreciation
of the asset given on operating lease as at March 31, 2009 and accordingly, disclosures required by AS
19 are not provided.
ii)
The future minimum lease payments receivable are :

(Rs. 000)
Particulars
Total
As at
March 31, 2009
As at
March 31, 2008
1,652,438
6,820,540
9,036,409
17,509,387
377,436
1,509,743
2,368,559
4,255,738
iii) The group has acquired Property, Plant and Equipment by means of finance lease to the aggregate value
of 468,638 thousand (March 31, 2008 Nil).
iv) The Group has entered into a non-cancelable lease arrangement to provide access to the Passive
Infrastructure located at 12 Circles on indefeasible right of use (IRU) basis for a period of 6 months to
its Joint Venture Company, Indus Tower Limited from January 1, 2009. The lease rental receivable is
credited to the Profit and Loss Account on a straight-line basis over the lease term.
c)
Service Charges As a Lessor

The service charges recognized as income during the year for cancelable arrangements relating to services
for cell sites as per the agreements is Rs. 227,560 thousand.
d) Finance Lease As a Lessor
As at March 31, 2009

(Rs. 000)
Particulars
Total
Gross
Investment
Unearned Finance
Income
Present
Value
2,436
218
2,654
94
2
96
2,342
216
2,558
Gross
Investment
Unearned Finance
Income
Present
Value
8,756
2,970
11,726
513
94
607
8,243
2,876
11,119
As at March 31, 2008

(Rs. 000)
Particulars
Total
During the year the Group has given certain VSAT assets under finance lease. The reconciliation between
the total of minimum lease payments as at March 31, 2009 and their present value is as follows:
185
185
7/21/2009, 9:23 PM
e)
The Company entered into a composite IT outsourcing agreement, whereby the vendor supplied fixed
assets and IT related services to the Company. Based on the risks and rewards incident to the ownership,
the fixed assets received are accounted for as a finance lease transaction. Accordingly, the asset and
liability are recorded at the fair value of the leased assets at the time of receipt of the assets, since it is not
possible for the Company to determine. These assets are depreciated over their useful lives as in the case
of the Companys own assets.
Since the entire amount payable to the vendor towards the supply of fixed assets during the year is accrued,
there are no minimum lease payments outstanding as at the year-end in relation to these assets and accordingly,
other disclosures as per AS 19 are not applicable.
There are no restrictions imposed on lease arrangements.
18. The breakup of Net Deferred Tax Asset/(Liability) into major components of the respective balances is as follows:
(Rs. 000)
As at
As at
March 31, 2009
March 31, 2008
Provision for doubtful debts/advances charged in financial statement
but allowed as deduction under the Income Tax Act in future years
(to the extend considered realisable)
4,402,962
3,237,404
Depreciation claimed as deduction under Income Tax Act but chargeable
in the financial statement in future years
(12,930,773)
(7,312,535)
Other expenses claimed as deduction in the financial statement but
allowed as deduction under Income Tax Act in future year on actual
3,014,334
241,495
Foreign exchange fluctuation and MTM losses charged in financial
statement but allowed as deduction under the Income Tax Act in future
years (by way of depreciation and actual realisation, respectively)
5,043,597
695,095
Brought Forward Loss
762,858
409,392
Net Deferred Tax Assets/(Liability)
292,978
(2,729,149)
The tax impact for the above purpose has been arrived at by applying a tax rate of 33.99% being the substantively
enacted tax rate for Indian companies under the Income Tax Act, 1961.
19. Employee stock compensation
(i) Pursuant to the shareholders resolutions dated February 27, 2001 and September 25, 2001, the Company
introduced the Bharti Tele-Ventures Employees Stock Option Plan (hereinafter called the Old Scheme)
under which the Company decided to grant, from time to time, options to the employees of the Company
and its subsidiaries. The grant of options to the employees under the ESOP Scheme is on the basis of their
performance and other eligibility criteria.
(ii) On August 31, 2001 and September 28, 2001, the Company issued a total of 1,440,000 equity shares at
a price of Rs. 565 per equity share to the Trust. The Company issued bonus shares in the ratio of 10 equity
shares for every one equity share held as of September 30, 2001, as a result of which the total number of
shares allotted to the trust increased to 15,840,000 equity shares.
(iii) Pursuant to the shareholders further resolution dated September 6, 2005, the Company announced a new
Employee Stock Option Scheme (hereinafter called the New Scheme) under which the maximum quantum
of options was determined at 9,367,276 options to be granted to employees from time to time on the basis
of their performance and other eligibility criteria.
(iv) All above options are planned to be settled in equity at the time of exercise and have maximum period of 7
years from the date of respective grants. The plans existing during the year are as follows:
a) 2001 Plan under the Old Scheme
The options under this plan have an exercise price of Rs. 22.50 per share and vest on a graded basis as
follows:
Vesting period from the grant date
Vesting schedule
20%
30%
50%
On
On
On
On
completion
completion
completion
completion
of
of
of
of
12
18
30
42
months
months
months
months
15%
15%
30%
40%

On
On
On
On
completion
completion
completion
completion
of
of
of
of
12
24
36
48
months
months
months
months
10%
20%
30%
40%
186
7/21/2009, 9:23 PM
b) 2004 Plan under the Old Scheme.

The options under this plan have an exercise price of Rs. 70 per share and vest on a graded basis as follows:
c)
On
On
On
On
completion
completion
completion
completion
of
of
of
of
12
24
36
48
Vesting schedule
months
months
months
months
10%
20%
30%
40%
Super-pot Plan under the Old Scheme

The options under this plan have an exercise price of Rs. Nil per share and vest on a graded basis as follows:
Vesting schedule
30%
30%
40%
d) 2006 Plan under the Old Scheme

The options under this plan have an exercise price of Rs. 10 per share and vest on a graded basis from the
effective date of grant as follows:
e)
Vesting schedule
50%
50%
2005 Plan under the New Scheme

The options under this plan have an exercise price in the range of Rs. 221 to Rs 922 per share and vest on
a graded basis from the effective date of grant as follows:
f)
On
On
On
On
completion
completion
completion
completion
of
of
of
of
12
24
36
48
Vesting schedule
months
months
months
months
10%
20%
30%
40%
2008 Plan and Annual Grant Plan (AGP) under the New Scheme
The options under this plan have an exercise price in the range of Rs. 590 to Rs. 673 per share and vest on
a graded basis from the effective date of grant as follows:

Vesting period from

the grant date
2008 Plan
Vesting
schedule
AGP
Vesting
schedule
25%
35%
40%
33%
33%
33%
g) Infratel Options
The options under this plan have an exercise price of Rs. 340 per share and vest on a graded basis from the
effective date of grant as follows:
On
On
On
On
completion
completion
completion
completion
of
of
of
of
12
24
36
48
months
months
months
months

On
On
On
On
On
completion
completion
completion
completion
completion
of
of
of
of
of
12
24
36
48
60
months
months
months
months
months
Vesting schedule
15%
20%
30%
35%
Vesting schedule
20%
20%
20%
20%
20%

187
187
7/21/2009, 9:23 PM
(v) The information concerning stock options granted, exercised, forfeited and outstanding at the year-end is as
follows:
As of March 31, 2009

Number of
Weighted
stock options
average
In (000)
exercise price
2001 Plan
Granted
Exercised*
exercise price per option for options granted
during the year/period at less than market value
2004 Plan
Granted
Exercised*
Superpot Plan
Granted
Exercised*
exercise price per value for options granted
(Rs.)
Weighted
average
remaining
contractual
life (in Years)
37
11
7
19
19
22.50
22.50
22.50
22.50
0.00 to 3.25
478
189
289
289
(Rs.)
Weighted
average
remaining
contractual
life (in Years)
131
44
50
37
37
22.50
22.50
22.50
22.50
0.25 to 4.25
70.00
70.00
70.00
70.00
1.76 to 2.25
755
207
70
478
478
70.00
70.00
70.00
70.00
2.76 to 3.25
6
6
2.25
25
17
2
6
6
3.25
10.00
10.00
10.00
10.00
10.00
5.07 to 5.35
1,251
300
17
141
1,393
10.00
10.00
10.00
5.58
526.50
300.47
645.14
474.60
268.16
474.60
474.60
3.44 to 5.92
3,020
1,863
249
793
3,841
289
287.66
851.47
249.51
474.60
474.60
4.44 to 6.92
1,863
345.79
3,108
211
2,897
660.72
662.44
3,108
308.87
2,450
2,450
340.00
340.00
2,450
374.81
2006 Plan
1,393
Granted
130
Exercised*
18
300
1,205
34
exercise price per value for options granted during
the year/period at less than market value
130.47
Scheme 2005
3,841
Granted
Exercised
239
603
2,999
938
Scheme 2008 & Annual Grant Plan

Granted
Exercised
during the period at less than market value
Infratel Options
Granted
Exercised
during the period at less than market value
As of March 31, 2008

Number of
Weighted
stock options
average
In (000)
exercise price
*Options have been exercised out of the shares issued to the trust
The weighted average share price during the year was Rs.733.62.
188
7/21/2009, 9:23 PM
(vi) The fair value of the options granted was estimated on the date of grant using the Black-Scholes / Lattice
valuation model with the following assumptions
Particulars
Risk free interest rates
Expected life
Volatility
Dividend yield
Wtd average share price on the date of grant
For the year ended

March 31, 2009
For the year ended

March 31, 2008
4.45% to 9.70%
48 to 60 months
36.23% to 41.39%
0.00%
616.80 to 832.55
6.45% to 8.25%
48 to 66 months
40.09% to 41.33%
0.00%
719.95 to 946.90
The volatility of the options is based on the historical volatility of the share price since the Groups equity
shares became publicly traded, which may be shorter than the term of the options.
(vii) The balance of deferred stock compensation as on March 31, 2009 is Rs. 1,495,823 thousand (March 31,
2008 Rs. 687,353 thousand) and total employee compensation cost recognised for the year then ended is
20. Earnings per Share
As at
March 31, 2009
As at
March 31,2008
Nominal value of equity shares (Rs.)

10
Weighted average number of equity shares outstanding during the year
1,898,105,039
Dilutive effect on weighted average number of equity shares
outstanding during the year*
565,047
Weighted Average number of Equity shares and Equity Equivalent shares
for computing Diluted EPS
1,898,670,086
10
1,897,378,958
Particulars
1,549,696
1,898,928,654
*Diluted effect on weighted average number of equity shares and profit attributable is on account of Foreign
Currency Convertible bonds and Employee Stock Option Plan (ESOP).
21. Forward Contracts & Derivative Instruments
The Groups activities expose it to a variety of financial risks, including the effects of changes in foreign
currency exchange rates and interest rates. The Group uses derivative financial instruments such as foreign
exchange contracts, Option contracts and interest rate swaps to manage its exposures to interest rate and
foreign exchange fluctuations.
The following table details the status of the Groups exposure as on March 31, 2009:
C
D
E
Particulars
Notional Value
Notional Value
(March 31, 2009) (March 31, 2008)
For Loan related exposures *

a) Forwards
b) Options
c) Interest Rate Swaps
58,581,419
16,087,384
12,572,404
47,865,985
13,566,374
20,181,708
Total
87,241,206
81,614,067
For Trade related exposures *

a) Forwards
b) Options
5,347,203
534,975
3,197,778
2,687,125
Total
5,882,178
5,884,903
34,834,314
30,470,083
-
25,052,788
12,951,335
-
Unhedged foreign currency borrowing

Unhedged foreign currency payables
Unhedged foreign currency receivables
*All derivatives are taken for hedging purposes only and trade related exposure includes hedges taken for
forecasted receivables.
The Group had followed the accounting policy to adjust foreign exchange fluctuation on loans/liability for fixed
assets till June 30, 2008, as per the requirement of Schedule VI of the Companies Act, 1956 based on a legal
advice. During the year, effective April 1, 2008, the Group has adopted the treatment prescribed in Accounting
Standard (AS-11) Effect of Changes in Foreign Exchange Rates notified in the Companies (Accounting Standard)
Rules 2006 (As Amended) dated December 7, 2006. Instead of capitalising/decapitalising such fluctuation, as
per policy hitherto followed, the Company has, with effect from the April 1, 2008, charged/credited such
fluctuations directly to the Profit & Loss Account.
Had the Group continued with its earlier policy, net profit after tax would have been higher by Rs. 13,024,368
thousand for year ended March 31, 2009 (lower by Rs. 2,923,206 thousand for the year ended
March 31, 2008), and net fixed assets would have been higher by Rs. 16,924,162 thousand and deferred tax
asset would have been lower by Rs. 3,696,041 thousand.
Sr No
189
189
7/21/2009, 9:23 PM
The Group has accounted for derivatives, which are covered under the Announcement issued by the ICAI, on
marked-to-market basis and has recorded reversals of losses for earlier period of Rs. 1,835,399 thousand for
the year ended March 31, 2009 (including reversal of losses recognised in earlier periods Rs. 1,230,080 thousand
towards embedded derivatives) (March 31, 2008 recorded marked-to-market loss of Rs. 2,044,991 thousand
(including loss of Rs. 1,230,080 thousand towards embedded derivatives).
22. During the year ended March 31, 2005 the Company issued USD 115,000,000 Zero Coupon Convertible Bonds
due 2009 (the FCCBs). The FCCBs are convertible at any time on or after June 12, 2004 (or such earlier date
as is notified to the holders of the FCCBs by the Issuer) up to April 12, 2009 by holders into fully paid equity
shares with full voting rights with a par value of Rs 10 each of the Issuer (Shares) at an initial Conversion Price
(as defined in the Terms and Conditions of the FCCBs) of Rs. 233.17 per share with a fixed rate of exchange
on conversion of Rs. 43.56 = USD 1.00. The Conversion Price is subject to adjustment in certain circumstances.
The FCCBs could be redeemed, in whole or in part, at the option of the Issuer at any time on or after May 12,
2007 and prior to April 12, 2009, subject to satisfaction of certain conditions, at their Early Redemption
Amount (as defined in the Terms and Conditions of the FCCBs) at the date fixed for such redemption if the
Closing Price (as defined in the Terms and Conditions of the FCCBs) of the Shares translated into U.S.
dollars at the prevailing rate (as defined in the Terms and Conditions of the FCCBs) for each of 30 consecutive
Trading Days (as defined in the Terms and Conditions of the FCCBs), the last of which occurs not more than
five days prior to the date upon which notice of such redemption is published, is greater than 120 percent of the
Conversion Price (as defined in the Terms and Conditions of the FCCBs) then in effect translated into U.S.
dollars at the rate of Rs. 43.56 = USD 1.00.
The FCCBs could also be redeemed in whole, and not in part, at any time at the option of the Issuer at their Early
Redemption Amount if less than 5 percent in aggregate principal amount of the FCCBs originally issued is
outstanding.
The FCCBs could also be redeemed in whole, at any time at the option of the Issuer at their Early Redemption
Amount in the event of certain changes relating to taxation in India.
The Issuer will, at the option of any holder of any FCCBs, repurchase at the Early Redemption Amount such
FCCBs at such time as the Shares cease to be listed or admitted to trading on the NSE or upon the occurrence
of a Change of Control (as defined in the Terms and Conditions of the FCCBs) in respect of the Issuer. These
FCCBs were listed in the Singapore Exchange Securities Trading Limited (the SGX-ST).
The Company has during the year ended March 31, 2009, converted FCCBs equivalent to USD 500,000 into
93,408 equity shares of the Company at the option exercised by the bond holders which is as follows:
Date of Allotement
No. of shares
allotted
FCCB
value (USD)
93,408
93,408
500,000
500,000
2-Jun-08
Total
Before April 12, 2009, the Company has received notices for conversion of the FCCBs, equivalent to USD
350,000 convertible into 65,385 equity shares of the Company.
The balance FCCBs equivalent to USD 50,000 will be redeemed in US Dollars at 111.84% of their principal
amount after completion of the statutory formalities.
23. The Board of Directors in its meeting held on April 29, 2009 have approved sub-division (share split) of existing
equity shares of Rs. 10 each into 2 equity shares of Rs. 5 each, subject to the approval of its shareholders.
24. The Board of Directors recommended a final dividend of Rs. 2.00 per equity share of Rs. 10.00 each (20% of
face value) for financial year 2008-09. The payment is subject to the approval of the shareholders in the ensuing
Annual General Meeting of the Company.
25. As at March 31, 2009, the accumulated losses of Bharti Airtel Services Limited, Bharti Airtel (USA) Limited,
Bharti Airtel (Canada) Limited, Bharti Airtel (Hongkong) Limited, Bharti Infratel Ventures Limited and Bharti
Telemedia Limited exceed the net worth of the respective companies. However, in view of the support from
Bharti Airtel, the holding Company, the accounts of these companies including Bharti Airtel (Singapore) Private
Limited, Bharti Airtel Holdings (Singapore) Pte Limited and Bharti Airtel (UK) Limited, are prepared on a going
concern basis.
26. Previous year figures have been regrouped/reclassified where necessary to conform to the current years
classification.
190
7/21/2009, 9:23 PM
191
191
7/21/2009, 9:23 PM
Bharti Hexacom Limited
Network i2i Limited
Bharti Airtel Services Limited
Bharti Airtel (Singapore) Private Limited
Bharti Infratel Limited #
Bharti Telemedia Limited
Bharti Airtel (UK) Limited
Bharti Airtel Lanka (Pvt) Limited
Bharti Airtel Holdings
10
Bharti Airtel (Hongkong) Limited
Bharti Infratel (Lanka) Private Limited
12
13
14
@ Including Share Application money
Bharti Airtel (USA) Limited
11
Singapore
Srilanka
Canada
United Kingdom
India
India
Singaore
India
Mauritius
India
Registration
of
Country
Srilanka
Hongkong
India
United States of America
Subsidiary Company
No.
(Singapore) Pte Limited @
Name of the
S.
26,333
500
1,106,170
2,107,172
28,126
102,000
5,651,559
20,139
1,000
363,150
2,500,000
Capital
(29,079)
(659)
(265,602)
50,182
(1,568,925)
(24,961)
37,760
(2,476,018)
98,854,817
(14,236)
(148,171)
354,153
12,635,684
Reserves
149,909
110
1,456,706
1,156,507
6,230,830
6,880
175,685
6,852,600
177,998,954
3,564,400
2,043,901
10,301,867
24,750,492
Assets
Total
152,656
269
1,722,308
155
5,692,582
31,838
109,799
9,226,618
73,492,578
3,558,497
2,191,072
9,584,563
9,614,808
Liabilities
Total
2,871,150
45,500
in Subsidiary
Investment
Other than
Investments
160
905,681
94,503
4,043
46,299
73,553
26,154,386
311,565
4,925,832
1,095,161
22,875,651
Turnover
(13,812)
(328)
(228,029)
56,021
(1,584,773)
(21,886)
(17,217)
(2,230,055)
4,374,423
12,195
(19,354)
585,370
5,615,728
Taxation
Before
Profit/(Loss)
5,436
25,814
6,935
1,411,046
14,734
16,703
160,647
Taxation
for
Provision
(13,812)
(328)
(228,029)
50,584
(1,610,587)
(21,886)
(17,217)
(2,236,990)
2,963,377
(2,539)
(36,057)
585,370
5,455,081
Taxation
After
Profit/(Loss)
Statement pursuant to exemption received under Section 212 (8) of the Companies Act,1956 relating to subsidiary companies for the year ended March 31, 2009
Dividend
Proposed
(Rs 000)
18
Circle
offices
Andhra Pradesh
Splendid Towers,
Opp.Begumpet Police Station,
Begumpet,
Hyderabad 500016
Tel: +91-40-2790 4100
Fax: +91-98490 11841
Kerala
N.H. Bypass,
Kundanoor Junction,
Maradu P.O,
Kochi - 682 304
Tel: +91-98950 98950
Fax: +91-98953 38715
Bihar
7th Floor,
Anand Vihar,
Boring Canal Road,
Patna - 800001,
Tel: +91-6122223141
Fax: +91-612-2222375
Madhya Pradesh and Chhatisgarh

3rd & 4th Floor,
Metro Tower,
Near Vijay Nagar,
Indore - 452010,
Madhya Pradesh
Tel: +91-7314031 170
Fax: +91-731-4031 101
Delhi and NCR

Unitech World, Cyber Park
Tower-A, Sector-39,
Gurgaon - 122 001
Haryana
Tel: +91-1244552302
Fax: +91-124-4552233
270, Udyog Vihar,
Phase II,
Gurgaon 122001
Haryana
Tel: +91-1244246644
Fax: +91-124-4246504
Gujarat
Zodiac Square,
2nd floor, S.G. Road,
Opp Gurudwara,
Ahmedabad - 380 054
Tel: +91-792754 4527
Fax: +91-79-4009 0114
Haryana, Punjab and Himachal Pradesh
C-25, Industrial Area,
Phase-2, SAS Nagar,
Mohali-160 055
Tel: +91-98151 98151
Fax: +91-172-4670015
Jammu and Kashmir
B-2, Third Floor,
South Block,
Bahu Plaza,
Jammu 180 012
Tel: +91-1912473751
Fax: +91-191-2473737
Karnataka
No. 55, Divyasree Towers,
Opp Jayadeva Hospital,
Banerghatta Road,
Bangalore 560 076
Tel: +91-804121 8060
Fax: +91-80-4121 8070
192
Mumbai, Maharashtra and Gujarat

Interface Bldg No. 7,
7th Floor, Off Malad Link Road,
Malad West,
Mumbai - 400053
Tel: +91-224003 1400
Fax: +91-22-4003 1505
North East States and Assam
Megaplaza, 4th floor,
G.S. Road, Christian Basti,
Guwahati - 78005,
Assam
Tel: +91-361-2341369
Fax: +91-361-2341370
Orissa
3rd floor, C6/53,
Epari Plaza, Kharvela Nagar,
Bhubaneswar - 751 001
Tel: +91-674-2536569
Fax: +91-674-2532801
Tamil Nadu and Chennai
Oceanic Towers
101 Santhome High Road
Santhome,
Chennai 600 028
Tel: +91 98400 98400
Fax: +91-44-4213 7123
Uttar Pradesh
Airtel Tower,
12, Rani Laxmi Bai Marg, Hazratgunj,
Lucknow - 226001
Tel: +91-522-2231073
Fax: +91-522-4009399
West Bengal
Infinity Building,
6th floor, Sector V,
Salt Lake,
Kolkata - 700 091
Tel: +91-33-2357 5332
Fax: +91-33-40060 0664/5
7/21/2009, 9:23 PM
BHARTI AIRTEL LIMITED

Regd. Office: Aravali Crescent,
1, Nelson Mandela Road, Vasant Kunj, Phase II, New Delhi - 110 007, India.
NOTICE
Notice is hereby given that the fourteenth annual general
meeting of the members of Bharti Airtel Limited will be
held on Friday, 21st day of August, 2009 at 03.30 P.M.
at Air Force Auditorium, Subroto Park, New Delhi 110010
to transact the following businesses:ORDINARY BUSINESS
1. To receive, consider and adopt the audited Balance
Sheet of the Company as at March 31, 2009, the
Profit & Loss Account and the Cash Flow Statement
for the year ended on that date and the reports of
the Board of directors and auditors thereon.
2. To declare dividend on equity shares.
3. To appoint a director in place of Mr. Akhil Kumar
Gupta, who retires by rotation and being eligible,
offers himself for re-appointment.
4. To appoint a director in place of Mr. Ajay Lal, who
retires by rotation and being eligible, offers himself
for re-appointment.
hereby appointed as a director of the Company,

liable to retire by rotation.
10. To consider and, if thought fit, to pass with or
without modification(s), the following resolution as
an ordinary resolution:
Resolved that pursuant to the provisions of section
257 and other applicable provisions, if any, of the
Companies Act, 1956, Mr. Craig Edward Ehrlich
be and is hereby appointed as a director of the
Company, liable to retire by rotation.
Registered Office:
Aravali Crescent,
New Delhi - 110 070,
India.
Date: April 29, 2009
By order of the Board

Vijaya Sampath
Group General Counsel &
Company Secretary
NOTES:
5. To appoint a director in place of Mr. Arun Bharat
Ram, who retires by rotation and being eligible offers
himself for re-appointment.
6. To appoint a director in place of Mr. Narayanan
Kumar, who retires by rotation and being eligible,
offers himself for re-appointment.
7. To appoint M/s. S.R. Batliboi & Associates, Chartered
Accountants, Gurgaon, as the statutory auditors of
the Company to hold office from the conclusion of
this annual general meeting until the conclusion of
the next annual general meeting and to authorize
the Board/Audit Committee to fix their remuneration.
SPECIAL BUSINESS
Companies Act, 1956, Mr. Quah Kung Yang be and
is hereby appointed as a director of the Company,
liable to retire by rotation.
Companies Act, 1956, Mr. Nikesh Arora be and is
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT

THE MEETING IS ENTITLED TO APPOINT A PROXY
TO ATTEND AND VOTE ON A POLL INSTEAD OF
HIMSELF/HERSELF AND SUCH PROXY NEED NOT
BE A MEMBER OF THE COMPANY. PROXIES, IN
ORDER TO BE EFFECTIVE, MUST BE RECEIVED
AT THE REGISTERED OFFICE OF THE COMPANY,
NOT LESS THAN FORTY-EIGHT HOURS BEFORE
THE COMMENCEMENT OF THE MEETING. A
PROXY FORM IS APPENDED WITH THE
ADMISSION SLIP.
2. The notice of the annual general meeting will be
sent to those members whose names appear on
the register of members as on Tuesday, June 30,
2009.
3. Annual Report is available at the website of the
Company at www.airtel.in in the Investor Relations
section.
4. The Register of Members and Share Transfer books
of the Company will remain closed from Friday,
July 31, 2009, to Friday, August 21, 2009 (both
days inclusive), in terms of the provisions of the
Companies Act, 1956 and the listing agreement
with the stock exchanges where the shares of the
Company are listed for the purpose of annual general
meeting & determining the names of the members
eligible for dividend on equity shares, if declared at
the meeting.
1
Notice.p65
7/22/2009, 8:25 PM
5. The dividend, if declared at the meeting, will be

paid on or before the 30th day from the date of
declaration of dividend i.e. September 20, 2009,
to those members, whose names will appear in the
Register of Members on the close of the day on
July 30, 2009; in case, the shares are held in
dematerialized form, to those beneficiaries, whose
names are furnished by the National Securities
Depository Limited (NSDL) and Central Depository
Services (India) Limited (CDSL) as beneficial owner
on that date.
6. Members, who hold shares in the physical form
and desirous of availing ECS facility for direct credit
of dividend to their bank account, may submit their
requisite request in the enclosed form to the
Companys Registrars and Share Transfer Agents,
Karvy Computershare Private Limited, at Plot No.
17-24, Vittal Rao Nagar, Madhapur, Hyderabad 500
081, Andhra Pradesh (the Registrar). The ECS
mandate, in order to be effective, should be
submitted to the Registrar on or before July 30,
2009 so as to receive the dividend, if declared
through ECS.
In respect of shareholders holding shares in
electronic form, the bank details as furnished by
the respective depositories to the Company will be
used for the purpose of distribution of dividend
through ECS. The Company/the Registrars will not
act on any direct request from members holding
shares in dematerialized form for change/deletion
of such bank details.
7. Members who are holding shares in physical form
are requested to address all correspondence
concerning, registration of transfers, transmissions,
sub-division, consolidation of shares or any other
share related matters and/or change in address, or
updation thereof to Companys Registrars & Share
Transfer Agents, Karvy Computershare Private
Limited, at Plot No. 17-24, Vittal Rao Nagar,
Madhapur, Hyderabad 500 081, Andhra Pradesh.
Members whose shareholding is in the electronic
mode are requested to direct change of address
notifications and updations of bank account details
to their respective depository participants. Any
query related to dividend should be directed to the
Registrars and Share Transfer Agents of the
Company.
8. Information regarding particulars of the directors
to be appointed and the directors seeking reappointment requiring disclosure in terms of the
listing agreement and the explanatory statement
pursuant to Section 173 of the Companies Act,
1956, are annexed hereto. The committee
chairmanships/memberships considered for the
purposes of disclosure are those prescribed under
clause 49(I)(C) of the Listing Agreement(s) viz. Audit
Committee and Shareholders/Investors Grievance
Committee of Indian public limited companies.
Notice.p65
9. Corporate members are requested to send a duly

certified copy of the board resolution/power of
attorney authorising their representative to attend
and vote at the annual general meeting.
10. Statutory Registers and documents referred to in
the accompanying notice and explanatory
statement, including certificate from the Auditors
of the Company under clause 14 of the SEBI
(Employees Stock Option Scheme and Employees
Stock Purchase Scheme) Guidelines, 1999, are open
for inspection at the Registered Office of the
Company on all working days (Monday to Friday)
between 11.00 a.m. and 1.00 p.m. upto the date
of annual general meeting and will also be available
for inspection at the meeting.
11. Members having any questions on accounts are
requested to send their queries at least ten days in
advance to the Company at its registered office
address to enable the Company to collect the
relevant information.
12. Members/proxies are requested to bring duly filled
admission/attendance slips sent herewith along with
the copies of annual reports at the meeting.
13. For the security and safety of the shareholders, no
article/baggage including water bottles and tiffin
boxes will be allowed at the venue of the meeting.
The members / attendees are strictly requested not
to bring any article / baggage, etc. at the venue of
the meeting.
MEMBERS MAY PLEASE NOTE THAT NO GIFTS/ GIFT
COUPONS SHALL BE DISTRIBUTED AT THE VENUE
OF THE MEETING.
EXPLANATORY STATEMENT
(Pursuant to the provisions of section 173(2) of the
Companies Act, 1956)
ITEM No. 8
Mr. Quah Kung Yang was appointed as an additional
director on the Board of the Company w.e.f. August 01,
2008. Pursuant to the provisions of section 260 of the
Companies Act, 1956 read with Article 123(i) of the
Articles of Association of the Company, Mr. Quah Kung
Yang holds office upto the date of this fourteenth annual
general meeting. The Company has received notice under
section 257 of the Companies Act, 1956 from a member
proposing the candidature of Mr. Quah Kung Yang as
director of the Company, liable to retire by rotation along
with the prescribed deposit of Rs. 500/-.
None of the directors except Mr. Quah Kung Yang is
concerned or interested in the resolution.
The Board recommends appointment of Mr. Quah Kung
Yang as director liable to retire by rotation as set out in
item no. 8.
7/22/2009, 8:25 PM
ITEM No. 9
Mr. Nikesh Arora was appointed as an additional director
on the Board of the Company w.e.f. October 30, 2008.
Pursuant to the provisions of section 260 of the
Articles of Association of the Company, Mr. Nikesh
Arora holds office upto the date of this fourteenth annual
general meeting. The Company has received notice
under Section 257 of the Companies Act, 1956 from a
member proposing the candidature of Mr. Nikesh Arora
as director of the Company, liable to retire by rotation
along with the prescribed deposit of Rs. 500/-.
None of the directors except Mr. Nikesh Arora is
The Board recommends appointment of Mr. NIkesh Arora
as director liable to retire by rotation as set out in item
no. 9.
ITEM No. 10
Mr. Craig Edward Ehrlich was appointed as an additional
director on the Board of the Company w.e.f. April 29,
2009. Pursuant to the provisions of section 260 of the

Articles of Association of the Company, Mr. Craig Ehrlich
holds office upto the date of this fourteenth annual
general meeting. The Company has received notice
under section 257 of the Companies Act, 1956 from a
member proposing the candidature of Mr. Craig Ehrlich
as director of the Company, liable to retire by rotation
along with the prescribed deposit of Rs.500/-.
None of the directors except Mr. Craig Ehrlich is
The Board recommends appointment of Mr. Craig Ehrlich
as director liable to retire by rotation as set out in item
no. 10.
Registered Office:
Aravali Crescent,
New Delhi - 110 070,
India.

Vijaya Sampath
Company Secretary
Information on directors seeking appointment/re-appointment at the forthcoming Annual General Meeting (pursuant
to clause 49 of the Listing Agreement).
Mr. Akhil Kumar Gupta

Director Identification Number
00028728
Date of birth
22nd December, 1955
Qualifications
Chartered Accountant.
Advanced Management Program at Harvard Business School, USA
Experience and expertise in

specific functional area
Financial Management
Shareholding in Bharti Airtel Limited
1,091,692 shares
Directorships held in other Indian

public limited companies

Bharti AXA General Insurance Company Limited

Bharti AXA Life Insurance Company Limited
Bharti Retail (Holdings) Private Limited*
Bharti Wal-Mart Private Limited*
Comviva Technologies Limited
Indus Towers Limited
Mehrauli Realty Consultants Limited
Membership/Chairmanship of committees
in public limited companies in India

Bharti Airtel Limited - Investor Grievance Committee (Chairman)

Bharti Infratel Limited - Audit Committee (Member)
Bharti Telecom Limited - Audit Committee (Member)
Bharti Telecom Limited - Share Transfer Committee (Member)
Bharti Teletech Limited - Audit Committee (Chairman)
Bharti Wal-Mart Private Limited* Audit Committee (Member)
Indus Towers Limited Audit Committee (Chairman)
* Public limited company in terms of section 3(1) (iv)(c) of the Companies Act, 1956
3
Notice.p65
7/22/2009, 8:25 PM
Mr. Ajay Lal

00030388
Date of birth
8th August, 1961
Qualifications
Engineering from IIT New Delhi

MBA from IIM Kolkata
Advanced Management Program Graduate from Harvard Business
School.
Experience and expertise in specific

functional area
Management, Private Equity, Project Finance and Corporate Banking
10,000 shares
Directorships held in other public limited

companies in India
The Catholic Syrian Bank Limited
Bharti Airtel Limited - Audit Committee (Member)

The Catholic Syrian Bank Limited - Audit Committee (Member)
Mr. Arun Bharat Ram

00694766
Date of birth
15th November, 1940
Qualifications
Engineering from the YMCA Institute of Engineering

functional area
Management
Nil

companies in India

Membership / Chairmanship of committees


DCM Shriram Consolidated Limited Audit Committee (Member)
J K Paper Limited - Shareholders/Investors Grievance Committee
(Member)
SRF Limited - Shareholders/Investors Grievance Committee
(Member)
DCM Shriram Consolidated Limited

JK Paper Ltd
Moser Baer (India) Limited
Samtel Color Limited
Samtel Glass Limited
SRF Energy Limited
SRF Fluorochemicals Ltd
SRF Infrastructuire Limited
SRF Limited
SRF Polymers Investment Limited
Mr. Narayanan Kumar
Notice.p65
00007848
Date of birth
28th January, 1950
Qualifications
Engineering in Electronics and Communications from Anna University,

Chennai

functional area
Technology, Management and Finance
Nil
Directorships held in other Indian

public limited companies



Cochin Shipyard Limited
Entertainment Network (India) Limited
MRF Limited
Take Solutions Limited
Times Innovative Media Limited
Bharti Airtel Limited Audit Committee (Chairman)

Bharti Infratel Limited Audit Committee (Chairman)
Cochin Shipyard Limited Audit Committee (Chairman)
Entertainment Network (India) Limited - Audit Committee
(Chairman)
Take Solutions Limited Shareholder/Investor Grievance
Committee (Chairman)
Times Innovative Media Limited - Audit Committee (Member)
7/22/2009, 8:25 PM
Mr. Quah Kung Yang

02274965
Date of birth
14th November, 1961
Qualifications
Fellow of the Institute of Chartered Accountants in England and

Wales
Member of the Institute of Certified Public Accountants of
Singapore
Graduate of the University of Kent at Canterbury, England.

functional area
Financial Management
Nil

companies in India

Bharti Telecom Limited Audit Committee (Member)
Mr. Nikesh Arora

02433389
Date of birth
9th February, 1968
Qualifications
MS in Finance from Boston College

MBA from the Northeastern University in the United States.

functional area
Finance and Business Administration
Nil

companies in India
Nil
Membership/Chairmanship of committees in
public limited companies in India
Nil
Mr. Craig Edward Ehrlich

02612082
Date of birth
14th May, 1955
Qualifications
Graduate from University of California Los Angeles

Masters degree from Occidental College
Postgraduate Fellowship from Coro foundation

functional area
Finance and Business Administration
Nil

companies in India
Nil
Nil

Registered Office:
Aravali Crescent,
New Delhi - 110 070, India.
Vijaya Sampath
Company Secretary
5
Notice.p65
7/22/2009, 8:25 PM
Notice.p65
7/22/2009, 8:25 PM
ECS MANDATE FORM

[APPLICABLE FOR SHARES HELD IN PHYSICAL FORM ONLY]
To
Karvy Computershare Private Limited
Unit: Bharti Airtel Limited
Plot No. 17-24, Vittal Rao Nagar,
Madhapur, Hyderabad.
Pin: 500 081
Name of the First/Sole Share holder

Folio No.
PAN / Email information
Income Tax Permanent Account Number (PAN)
(Please attach a photocopy of PAN Card)
Email ID
ECS Mandate Form (for shares held in Physical mode)
Bank Name
Branch Name & Address
Bank Account Type (tick)
SB
Current
Others
Bank Account Number

9 Digit Code Number of the Bank and Branch
appearing on the MICR Cheque issued by the Bank
(Please attach a photo copy of the Cheque)
I hereby declare that the particulars given above are correct and complete and also express my concurrence to receive
information through e-mail towards dividend paid by the Company under the ECS mode.
_______________________________________________
Signature of the 1st Registered Holder/Sole Holder
7
Notice.p65
7/22/2009, 8:25 PM
Notice.p65
7/22/2009, 8:25 PM
ADMISSION SLIP
Regd. Office: Aravali Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase II, New Delhi 110 070
DP Id
Client Id
Regd. Folio No.*
No. of Shares
Name(s) and address of the shareholder in full ..............................................................................................................................

.................................................................................................................................................................................................................
I/we hereby record my/our presence at the fourteenth annual general meeting of the Company being held on 21st day of August,
2009 at 3.30 p.m. at Air Force Auditorium, Subroto Park, New Delhi 110 010
Please () in the box
MEMBER
PROXY
__________________________
Signature of Member/Proxy
*Applicable for investors holding shares in physical form.
PROXY FORM
Regd. Office: Aravali Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase II, New Delhi 110 070
DP Id
Client Id
Regd. Folio No.*
No. of Shares
Name(s) and address of the shareholder in full ..............................................................................................................................

.................................................................................................................................................................................................................
I/we being a member of Bharti Airtel Limited, hereby appoint ....................................................... of ..............................................
...... or failing him ................................................. of ...........................in the district of..........................................................as
my/our proxy to attend and vote for me/us on my/our behalf at the fourteenth annual general meeting of the Company scheduled to
be held on 21st of day of August, 2009 at 03.30 P.M. at Air Force Auditorium, Subroto Park, New Delhi 110010 or/and at any
adjournment thereof.
I/we direct my/our proxy to vote on the resolutions in the manner as indicated below:
Resolutions
For
Against
Adoption of Annual Financial Statements and Reports

Declaration of Dividend
Re-appointment of Mr. Akhil Kumar Gupta
Re-appointment of Mr. Ajay Lal
Re-appointment of Mr. Arun Bharat Ram
Reappointment of M/s. S. R. Batliboi & Associates, Chartered
Accountants, Gurgaon, as the statutory auditors
Appointment of Mr. Quah Kung Yang as a director liable to retire by rotation
Appointment of Mr. Nikesh Arora as a director liable to retire by rotation
Appointment of Mr. Craig Edward Ehrlich as a director liable to retire by rotation
Dated: ______________________
Affix the
Revenue
Stamp of
Re. 1/-
*Applicable for investor holding shares in physical form.

Signed by the said
Note : The Proxy form duly completed and signed should be deposited at the Registered Office of the Company situated at
Aravali Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase II, New Delhi-110070 not later than 48 hours before the
commencement of the Annual General Meeting.
Re-appointment of Mr. Narayanan Kumar
Notice.p65
7/21/2009, 9:23 PM
Notice.p65
7/21/2009, 9:23 PM
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14th Annual Report 2008-2009 N

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Every single day, we trust in a myriad of ways.

CEO & JMDS message

Deputy CEOS message

Corporate Social Responsibility

Awards & Honours

Management Discussion & Analysis

Report on corporate governance

Secretarial audit report

Standalone financial statements with Auditors report

Consolidated financial statements with Auditors report 149-191

BHARTI AIRTEL ANNUAL REPORT 2008-09

The glue that holds all relationships

Registered & Corporate Office

BHARTI AIRTEL ANNUAL REPORT 2008-09

Mobile services under the brand name Airtel launched

British Telecom Plc (BT) acquires a stake in the Company

Is the first private telecom service provider to obtain a

IndiaOne, Indias first private sector national

The largest private sector telecom operator in India

Joins the US$ 1bn revenue club

All-India footprint with the launch of mobile

Profit crosses US$ 1bn

BHARTI AIRTEL ANNUAL REPORT 2008-09

Bharti Telecom Limited

Indian Continent Investment Limited

Life Insurance Corporation of India

Europacific Growth Fund

Fidelity Management and Research and Funds

Copthall Mauritius Investment Limited

JP Morgan Asset Management and Funds

Emerging Markets Fund

Bajaj Allianz Life Insurance Company Limited

Deutsche Securities Mauritius Limited

UTI Mutual Fund

Mavi Investment Fund Limited

Government of Singapore Investment Corporation

SBI Life Insurance Company Limited

Birla Sun Life Mutual Fund

Coment Mauritius Limited

Franklin Templeton Funds

Norges Bank A/c Government Petroleum Fund

Lotus Global Investments Limited

Aberdeen Asset Managers

M and G Investment Management Limited

Pru India Equity Open Limited

Total customer base

Full year ended March 31,

BASED ON STATEMENT OF OPERATIONS

REVENUE (Rs. mn)

PROFIT AFTER TAX (Rs. mn)

NET DEBT TO EBITDA (Times)

BHARTI AIRTEL ANNUAL REPORT 2008-09

RETURN ON CAPITAL EMPLOYED (%)

Thanks to consistent support from our partners, our

Even as major economies around the world grappled with

As a rst step towards pursuing our

Employees have always been at the centre of our

Sunil Bharti Mittal

BHARTI AIRTEL ANNUAL REPORT 2008-09

ARUN BHARAT RAM

BASHIR ABDULLA CURRIMJEE

CHUA SOCK KOONG