Airtel to sell Sri Lankan operations to Etisalat - report

Friday 23 August 2013 | 12:28 CET | News
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Indian mobile operator Bharti Airtel is in advanced discussions to sell off its Sri Lankan operations to UAE operator Etisalat, reports The Economic Times citing two people aware of the development. According to one source, Standard Chartered Bank is advising Airtel in the transaction. Bharti Airtel Lanka, which has a subscriber base of 1.7 million, has been valued at USD 110-130 million. The company's subscribers have not grown in the past four quarters, and despite investing over USD 300 million since 2007, the unit continues to make losses. Airtel declined to comment.

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Categories: Mobile & Wireless
Companies: Airtel / Etisalat
Countries: Sri Lanka
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