Airtel to buy 70 pc stake in Warid teleco

Airtel to buy 70 pc stake in Warid teleco

Bharti Airtel CEO Manoj Kohli & Sheikh Mohammad Nahayan-Al-Nahayan of Dhabi Group exchanging MoU, in New Delhi. PTI

Warid Telecom is currently a wholly owned subsidiary of the Abu Dhabi Group. Bharti would also get management and board control under the deal, while the existing promoters will continue to retain 30 per cent in Warid.  “US$300 million is the consideration for the 70 percent,” said Bharti Airtel Chief Executive Manoj Kohli.  The deal also makes Bharti the first Indian tecos to make in-roads into Bangladesh mobile market, where several foreign players already operate. The deal also received the political clearance by Bangladesh Government.   Sunil Mittal-promoted company, which already has operations in Sri Lanka, has been aggressive to acquire overseas companies. In a bid to expand overseas, the company failed in its second attempt to merge with South Africa’s MTN. However the company is looking to buy smaller firms.

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