Bharti buys 70 p.c stake in Warid Telecom

NEW DELHI, INDIA: India's mobile services provider Bharti Airtel said on Tuesday that it has agreed to acquire 70 per cent stake in Bangladesh's Warid Telecom, currently a wholly owned subsidiary of Dhabi Group.

Under the agreement, Bharti will make a fresh investment of $300 million in Warid, taking its total investment to $1 billion. Bharti now would have board and management control in Warid, it said in a regulatory filing with the Bombay Stock Exchange.

The acquisition would be partly by purchase of existing shares held in Warid Telecom International Ltd. By Chabi Group for a nominal consideration and balance by way of issue of fresh shares at par.

“This deal underlines our intent to further expand our operations to international markets. It is a symbol of growing economic cooperation between South Asian countries and we thank the governments of India and Bangladesh for their support,” said Sunil Bharti Mittal, chairman and MD, Bharti Airtel.