Bharti Airtel has increased its stake in Bangladeshi telco Robi Axiata, according to reports in the press.
Through its Singapore based subsidiary, Bharti International, Airtel already owned a 25 per cent stake in Robi Axiata and has now purchased an additional 6.3 per cent stake. The additional stake was previously held by Japan’s NTT Docomo. Airtel now holds a 31.3 per cent stake in Robi Axiata, with Axiata Group holding the remaining 68.7 per cent stake.
“Acquisition of the ordinary shares of Robi from DoCoMo has been done at mutually agreed valuation. The said valuation is non-material and is not disclosed herein due to reasons of confidentiality," Bharti Airtel said in a statement, originally quote by the India TV News site.
Bharti Airtel has not disclosed the amount it paid for the 6.3 per cent stake in Bangladesh’s second largest telco. Robi Axiata currently serves more than 40 million subscribers across Bangladesh.
Bharti Airtel remains India’s second largest telco with over 300 million subscribers in India and an additional 100 million through its African subsidiary Airtel Africa.