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Bharti Airtel has signed an agreement with the Dhabi Group owned Warid Telecom for acquiring 70 per cent stake in its Bangladesh operations at an initial investment of $300 million (about Rs 13.63 billion).

January 15, 2010
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Bharti Airtel has signed an agreement with the Dhabi Group-owned Warid Telecom for acquiring 70 per cent stake in its Bangladesh operations at an initial investment of $300 million (about Rs 13.63 billion). The acquisition will be partly funded through the purchase of existing shares held in Warid Telecom International by the Dhabi Group, while the remainder will be through the issue of fresh shares. Bharti will use its internal accruals to fund the deal, which will give it management control in the Bangladeshi operator.

So far, the Dhabi Group has invested around $680 million in Warid, and with the additional $300 million investment by Bharti, the total investment in the company is likely to cross the $1 billionmark. The additional funding will be utilised for Warid's network expansion both for coverage and capacity as well as for the introduction of new products and services.

 
 
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