By IANS,
New Delhi : Telecom major Bharti Airtel Tuesday said it will acquire 70 percent stake in Bangladeshi player Warid Telecom for about $300 million and increase its overall investment to around $1 billion in the foreign firm.
Bharti would also get management and board control under the deal, while the existing promoters will continue to retain 30 percent in Warid, according a Bharti Airtel statement.
“$300 million is the consideration for the 70 percent,” said chief executive of Bharti Airtel Manoj Kohli.
“Bangladesh is a large market and may be one of most under-penetrated market in the world. Our strategy is to look at emerging markets and Bangladesh is an emerging market,” he added.
“We have already invested about $650 million to expand operations of the company.”