Bharti gets nod to invest $300 mn in Warid Telecom

Bharti Airtel, India's number one cellular operator today received the nod from Bangladesh's telecom regulator to purchase 70 per cent stake in Warid Telecom and to invest $300 million (Rs 1,385 crore) in the company.

“The Bangladesh Telecommunication Regulatory Commission (BTRC) has approved Airtel's proposed $300 million investment to buy Abu Dhabi group's 70 per cent stake in the Warid Telecom”, BTRC Chairman Zia Ahmed said.

A Bharti Airtel spokesperson said the company keeps pursuing international opportunities. This will enable it to enter the lucrative neighbourhood market. The nod comes after six months of pursuit since the Abu Dhabi group put its stake on sale.

Ahmed said Airtel would take over 70 per cent stake in Warid by creating new shares possibly at a nominal price.

"The BTRC has given the go-ahead to transfer Abu Dhabi group's shares in Warid Telecom to Bharti Airtel," Zia said.

The purchase will make Bharti the newest foreign company to make inroads into the fast-growing Bangladesh mobile market. Launched in 2007, Warid has nearly three million subscribers in Bangladesh.

Bangladesh has 52 million mobile subscribers, expected to rise to 100 million by 2015.