SingTel buys $21m more worth of Bharti

Melissa Chua
telecomasia.net
SingTel has paid 934 million rupees ($21.1 million) to increase its investment in India’s Bharti Airtel.
 
The company’s now holds a 32.25% stake in the Indian incumbent, up from 32.15% in January, where it had acquired shares in Bharti worth 1.36 billion rupees.
 
SingTel’s has further upped its stakes in Bharti comes despite having its financial performance constantly hampered by the Indian company.
 
The Singapore-based telecoms giant had reported a 2.2% fall in year-on-year profit for Q4 of 2010, due in part to poor performance from Bharti, whose balance sheet had been affected by its S$9.7 billion ($7.71 billion) acquisition of its Africa business last June.
 
SingTel’s earnings for Q2 last year had also fallen 3.5% because of poor showings by its regional affiliates. Bharti had reported a 27% slump in profit for that same period due to intense competition in the Indian market.

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