Singapore Telecommunications (SingTel) has announced that it will increase its effective interest in Indian-based telecoms group Bharti Airtel to 32.34% from its current 30.76%, the Economic Times reports. SingTel has agreed to purchase 788,538 shares (3.62%) of Bharti Telecom – which holds approximately 43.57% of Bharti Airtel – for SGD383.6 million (USD301.9 million). ‘The acquisition would allow SingTel to increase its effective stake in [Bharti Airtel], and is in line with SingTel’s strategic focus on maximising the value of its existing businesses, which includes reviewing opportunities to increase shareholdings in existing associates,’ SingTel said in a statement.
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