Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Airtel to buy Warid’s Congo operations

Nov 06 2013, 01:44 IST
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SummaryThe Indian company said the agreement aims to bring together the strengths of Airtel and Warid in Congo.

In a bid to strengthen its footprint in the African market, Bharti Airtel today said it has entered into a definitive agreement with the Warid Group to acquire its Congo operations. The acquisition will make Airtel the largest mobile operator in the Republic of Congo with around 2.6 million customers, the company said in a statement.

At present, Airtel is the second largest operator in that country with over 1.6 million customers, while Warid is the third largest with around one million customers.

“... it has entered into a definitive agreement with the Warid Group to fully acquire Warid Congo SA. The agreement is subject to regulatory and statutory approvals,” the statement said. The company, however, did not reveal the financial details of the deal. This is the second in-country acquisition by Airtel in Africa. It had acquired Warid’s Uganda operations earlier this year.

The Indian company said the agreement aims to bring together the strengths of Airtel and Warid in Congo Brazzaville and benefit customers in the form of affordable tariffs, superior 2G/3G network and affordable voice and data services.

“This acquisition is in line with our stated strategy of strengthening our market position through in-country acquisitions, as and when suitable opportunities come along,” Bharti Airtel MD and CEO (International) Manoj Kohli said.

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