Bharti Airtel, the largest telecom operator in India, on Thursday announced that it would acquire the remaining 30 per cent stake in Bangladesh’s Warid Telecom to own the company as a full subsidiary.
In January 2010, Bharti had acquired a 70 per cent stake in the Warid Telecom, a subsidiary of the Abu Dhabi Group that had been operating under the brand name of Warid.
Following Bharti’s takeover of majority of the shares, the company changed its brand name to Airtel BD.
The Bharti’s appeal to Bombay Stock Exchange for the acquisition said Bharti Airtel and Warid Group had reached an agreement.
In a consecutive quarterly decline in net profits for 13th time, Airtel’s net profit almost halved to Rs 508.6 crore for the quarter ended on March 31, 2013 from Rs 1,005.9 core in the year-ago period, reports the Economic Times.
It said the consolidated income of Bharti had increased by 9.18 per cent to Rs 20,460.4 crore during the reported quarter from Rs 18,738.8 crore it registered during the corresponding period of FY12.
-With New Age input
