Bharti to acquire 70-per cent stake in Bangladesh's Warid

Bharti Airtel, India's biggest mobile services company, has sought approval from the Securities and Exchange Board of India to buy a 70-per cent stake in Warid, the fourth largest mobile company in Bangladesh.

The value of the deal could be around $900 million (Rs4,200 crore), Warid officials said in Dhaka.

The company has also placed a $300 million initial investment plan to Bangladesh Telecommunication Regulatory Commission (BTRC), which will be implemented after signing the deal.

The BTRC received Bharti Airtel's letter on Sunday. The commission has also received a letter from Abu Dhabi Group, the owner of Warid.

"We have received a letter from Abu Dhabi Group that said it wants to sell a 70-per cent stake in Warid Telecom in Bangladesh," Zia Ahmed, chairman of BTRC, said. However, Warid officials declined to give further details of the possible tie-up.

The BTRC chairman said, "We will soon call officials from both the companies to get details."