Bangladesh’s telecoms regulator has approved Indian mobile giant Bharti Airtel’s USD300 million proposal to buy a 70% stake in Warid Telecom (Bangladesh) and invest in developing the country’s fourth largest cellular network operator, which is currently wholly owned by the UAE’s Abu Dhabi Group. ‘We have approved Bharti Airtel’s plan to buy the Warid stake,’ Bangladesh Telecommunication Regulatory Commission (BTRC) chairman Zia Ahmed told local newspaper The Daily Star. The proposed acquisition of at least a 70% stake in the cellco would be carried out via a new share issue, possibly at a nominal price. Ahmed, who recently met with Bharti group CEO Sunil Bharti Mittal, added that ‘we hope Airtel investment [in Warid] would cross USD1 billion within the next few years.’
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