Bharti Airtel to Acquire Warid Telecom

by CXOtoday Staff    Jan 12, 2010

Sunil Mittal-owned Bharti Airtel announced it will acquire 70 percent stake in Warid Telecom of Bangladesh for US$ 300 million (about Rs 1,363 crore).

Warid Telecom, a wholly-owned subsidiary of the Dhabi Group, offers mobile telecom services with a user base of over 2.9 million in Bangladesh.

This is Bharti’s first international buyout after it failed to clinch multi-billion dollar deal with South Africa’s MTN last year.

"This landmark deal underlines our intent to further expand our operations to international markets … we would like to thank the Government of India and Bangladesh for their support and encouragement," Mittal said after announcing the deal.

This will be Bharti Airtel’s second operation outside India. The company had launched mobile services in Sri Lanka in January last year.