Bharti Airtel To Acquire Telecom Seychelles (10-Aug-2010)
India’s largest telecom operator, Bharti Airtel, has received its board’s nod to acquire 100% stake in Telecom Seychelles for an enterprise value of $62 million.
Telecom Seychelles is the biggest telecom operator of Seychelles. It began operations in 1998 by launching mobile services. At present, the company offers 3G mobile and integrated wireless services across the island nation under the Airtel brand and has over 57% share of the mobile market. This acquisition will help Bharti Airtel to expand its African footprint to 16 countries and its overall presence to 19 countries.
In a separate development, the telecom major has reported a net profit of Rs 1,930.90 crore for the quarter ended June 30, 2010 as compared to Rs 2,687.50 crore for the quarter ended June 30, 2009, down 28.15%. Total income, however, rose by 3.51% during the quarter under review to Rs 9,373.70 crore from Rs 9,056.20 crore for the corresponding quarter of the previous fiscal.
On consolidated basis, the group has posted a net profit of Rs 1,681.60 crore for the June 2010 quarter, down 32.04% over Rs 2,474.50 crore for the June 2009 quarter. Total income has gone up by 17.84% to Rs 12,285.60 crore in Q1FY11 from Rs 10,425.40 crore for Q1FY10.
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