Bharti Airtel to acquire 70 per cent stake in Warid Telecom
31 Dec 2009
Telecom giant Bharti Airtel is set to clinch a deal to acquire a 70 per cent stake in Bangladesh's Warid Telecom, a local mobile company owned by Abu Dhabi Group. Top officials from both companies are meeting in Dhaka to "brainstorm a consensus", according to a media report.
According to an official at Warid Telecom, a memorandum of understanding (MoU) could be signed between the companies during the visit, the Daily Star reported.
Bharti Airtel has proposed a $300-million initial investment plan to the Bangladesh Telecommunication Regulatory Commission (BTRC), for implementation after signing the deal, the paper said.
Bharti Airtel has sought BTRC clearance in its letter seeking a stake in Bangladesh operations of Warid Telecom.
The MoU is the first step on the way to signing the final deal between the companies to share confidential business strategies.
The regulatory authority, the newspaper says, has asked certain documents, including Airtel's investment plan in Bangladesh and approval of board of director's of both companies for the deal.