Dhaka, Dec 16: India's telecom giant Bharti Airtel is set to buy a 70 pc stake in Warid, the fourth largest mobile company in Bangladesh, regulators said on Wednesday, Dec 16.
The Dhabi Group, which fully owns Warid, has sought approval from the Bangladesh Telecommunications Regulatory Commission for the sale, said commission chairman Zia Ahmed.
"The Dhabi Group informed us that it would sell 70 pc of Warid Telecom shares to Bharti Airtel Ltd," Ahmed was quoted by the The Daily Star as saying.
Ahmed further said, "We have sought more papers and the copy of the memorandum of understanding between the two companies."
"The firm did not mention how much the stake was valued at but Bharti had initially intended to invest $300 million," Ahmed said.
"I am sure the new investment will inject new momentum into our telecoms sector," he said.