Post MTN, Bharti looks forward to other opportunities

Having secured funding commitment for the now-aborted $23 billion MTN deal, Bharti Airtel is likely to look for other opportunities in South Africa and Asian markets.

Bharti Airtel has already put in a bid to acquire Luxembourg-based Millicom's operations in Sri Lanka.

Airtel, which has mobile services running in Sri Lanka, has put in its bid to acquire 100 per cent stake in Millicom, sources close to the development said.

Bharti would move forward from here and there is no reason to sit and look back, they said, adding that first and foremost, the company would look forward to participate in the 3G spectrum auction.

Asked how much commitment Bharti had secured from banks (both domestic and global) and other financial institutions, sources declined to give details but indicated that its was well above $10 billion.

The response from the funding institutions was really encouraging and gives hope to company to go for big deal.

The Nasdaq-listed firm Millicom provides prepaid cellular telephony services to over 30 million customers in 16 emerging markets in Latin America, Africa and Asia.

It has put its assets in Sri Lanka, Laos and Cambodia up for sale and has about 2 million subscribers in Sri Lanka.

Yesterday, Bharti called off over four-month long intense negotiations for a merger with MTN to create world's third-largest telecom company with combined revenue of more than $20 billion.

"Bharti will continue to explore international expansion opportunities that are consistent with its vision and bring value to its shareholders," the company had said in its statement after termination of talks with MTN.

The company has also not ruled out possibility of re-engaging with MTN in near future provided South Africa government review its position on contentious issue like dual listing of an entity.