Bharti Airtel today announced that it has agreed to acquire 70% stake in Warid Telecom, Bangladesh, currently a wholly owned subsidiary of the Dhabi Group.
Under the agreement, Bharti Airtel will make a fresh investment of $300 million to rapidly expand the operations of Warid Telecom and will have management and board control of the company.
This is the largest investment in Bangladesh by an Indian company. Dhabi Group will continue as a strategic partner retaining 30% shareholding and have their nominees on the Board of the Company.
The acquisition by Bharti Airtel would be partly by purchase of existing shares held in Warid Telecom International Limited by Dhabi Group for a nominal consideration and balance by way of issue of fresh shares at par.
This will be Bharti Airtel's second operation outside of India. The company launched its mobile services in Sri Lanka in January 2009 on a state-of-the-art 3.5G network.
for More news source UTV
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