Upcoming technologies of 2010
operator Warid Telecom, Chief Executive Manoj Kohli said on Sunday.
Bharti, which has management and board control of the company, said the overall investment in Warid would be $1 billion. That includes the contribution from 30 percent shareholder Abu Dhabi Group. "We want to be a market leader no. 1 or 2, not no. 3 or 4," Kohli told a news conference in Dhaka. Industry watchers expect Bharti's entry into Bangladesh to lead the charge in the mobile sector that is expected to grow from 52.4 million in 2009 to 70 million by 2011. "We will make a fresh investment of $300 million in Warid to expand network in remote areas," he said.
Abu Dhabi Group has already spent $680 million in Warid, which launched its operation in Bangladesh in 2007 as the sixth mobile phone operator. Bharti has named Chris Tobit as managing director and CEO of Warid Telecom. Indian telecom companies have been looking overseas for acquisitions as the domestic mobile sector faces margin pressures from intense competition and price wars. Bharti's acquisition is also seen as a shift in focus to smaller targets after its planned $24 billion merger with South Africa's MTN failed last year.
However, analysts said the Warid holding was unlikely to boost Bharti's earnings in the near term. Last year Warid Telecom attracted 66,000 customers to reach 2.99 million in 2009 while top operator Grameenphone, mostly owned by Norway's Telenor, raised its subscriber base by 11 percent, or 2.27 million, to 23.26 million. And Egypt's Orascom Telecom's Banglalink signed up the highest number of new users at 3.54 million, boosting its total to 13.87 million. Third-ranked Aktel, majority owned by TM International, added 1.09 million to take its total to 9.29 million.
Source:economictimes.indiatimes.com/
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