Online BusinessBharti to buy Bangladesh mobile operator
Telecom giant Bharti Airtel is set to buy the majority stake in Bangladesh"s fourth-largest mobile phone operator Warid from its Abu Dhabi-based owners.
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Reports emanating from Dhaka said the Dhabi Group, which fully owns Warid, has sought approval from the Bangladesh Telecommunications Regulatory Commission (BTRC) for the sale.
"The Dhabi Group informed us on Sunday that it would sell 70 per cent of Warid Telecom shares to Bharti Airtel. We have sought more papers and the copy of the MoU between the two companies," BTRC Chairman Zia Ahmed told AFP.
Meanwhile in New Delhi, Bharti Enterprises Deputy Group Chief Executive Officer and Managing Director Akhil Gupta told reporters that the company is "interested in Bangladesh because we have an interest in countries in the SAARC (South Asian Association for Regional Cooperation) region".
In Sri Lanka, another Saarc country, the company is already offering mobile services.
Gupta, however, declined to comment on whether Bharti was looking at buying 70 per cent stake in Warid Telecom"s Bangladesh unit from its Abu Dhabi-based owners.
Bharti Airtel has been looking at overseas expansion to boost growth. In the past, Airtel has failed twice in sealing a deal with South Africa-based MTN Group.
The Bombay Stock Exchange-listed Bharti Airtel is the biggest telecom operator in India with nearly 110 million mobile subscribers with a market share of over 25 per cent.
Bharti shares today closed at Rs 325.75, up 2.83 per cent on the BSE.