Indian telecom giant Bharti Airtel, owner of 70% of Airtel Bangladesh, said on Thursday that it would acquire the remaining 30% stake from Dhabi Group.
In a filing to the Bombay Stock Exchange, India’s largest private telecom operator said, “Bharti Airtel Holdings Pte Ltd, a wholly-owned subsidiary of Bharti Airtel Ltd and Warid Group have reached an agreement, wherein, Bharti will acquire 30% equity stake of Warid in Airtel Bangladesh Ltd.”
In January 2010, Bharti acquired 70% stake of United Arab Emirates based Dhabi Group’s Warid Telecom in Bangladesh, now known as Airtel Bangladesh.
Bangladesh Telecommunication Regulatory Commission (BTRC) said Bharti Airtel and Abu Dhabi Group have yet to seek the commission’s approval for the move.
The BRTC’s approval is required for all stake exchanges, the country’s telecom regulatory body added.
If approved, this is going to be the second acquisition by the Indian telecom giant in about a month. Last month Bharti took over Warid’s operations in Uganda, Africa.
Airtel Bangladesh originally launched commercial operations in May 2007 under the name “Warid Telecom”.
Bharti Airtel took management control of the company and its board, and rebranded the company's services under its own Airtel brand in December 2010.
Bharti’s $300m investment is one of the largest by any Indian company in Bangladesh.