India’s Bharti Airtel has received approval from Bangladesh Telecommunication Regulatory Commission (BTRC) to buy a controlling 70% stake in Bangladesh’s Warid Telecom. The move comes after Indian company has pledged to invest $300 million on upgrading Warid’s network.
At the moment, Warid is owned by UAE-based Abu Dhabi Group, and some reports have suggested that the sale of the 70% stake could be for a negligible amount due to Warid’s tiny market share. In that sense, no party has confirmed that a purchase will take place.
According to analysis by the Mobile World, Warid Telecom ended last September with just 2.7 million customers, representing a marketshare of 5.3%.
[Via: CellularNews]