Bharti eyeing to buy Dhaka’s Warid - Hindustan Times
close_game
close_game

Bharti eyeing to buy Dhaka’s Warid

Hindustan Times | ByHT Correspondent & Reuters, Dhaka/mumbai
Dec 16, 2009 09:48 PM IST

Bharti Airtel may be looking to buy Bangladesh’s Warid Telecom for up to $900 million (around Rs 4,200 cr), indicating a shift in focus to smaller targets after its planned merger with South Africa’s MTN failed.

Bharti Airtel may be looking to buy Bangladesh’s Warid Telecom for up to $900 million (around Rs 4,200 cr), indicating a shift in focus to smaller targets after its planned merger with South Africa’s MTN failed.

HT Image
HT Image

Bharti is set to buy a 70 per cent stake in Bangladesh’s fourth-biggest telecom company with an initial plan to invest $300 million, Bangla-desh Telecommunications Regulatory Commission Chairman Zia Ahmed said.

Hindustan Times - your fastest source for breaking news! Read now.

In New Delhi, a spokesperson for Bharti Airtel did not confirm or deny the talks to acquire Warid, but signalled that options were open.

“We keep evaluating international expansion opportunities from time to time. However, at this point, we do not have anything definite to share,” the spokesperson said.

The proposed deal would give Bharti access to Bangladesh’s rapidly growing mobile sector at a time when it is locked in an intense price war in India with rivals Reliance Communications and Vodafone Essar.

UAE-based Abu Dhabi Group, which controls Warid Telecom, sought approval from Bangladesh’s telecom regulator for the sale on Sunday, Ahmed said, adding that a proposal by Abu Dhabi Group did not give a deal value.

Bangladesh’s Daily Star reported the deal could be worth $900 million, citing Warid officials.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On