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Bharti Airtel divests Sri Lanka operations, merges with Dialog Axiata
Livemint
·
1y ago
Medial
Bharti Airtel, India's second largest telecom carrier, plans to sell its operations in Sri Lanka to Dialog Axiata, the country's largest telecom services provider. The merger will result in Dialog Axiata acquiring 100% of Airtel Lanka's shares, and the Airtel brand will cease to exist. The deal is subject to approval from Dialog's shareholders and regulatory requirements. The merger aims to achieve economies of scale, enhance broadband connectivity, and deliver cost savings and operational efficiencies. The move aligns with Airtel's strategy of market consolidation and is expected to create value for shareholders.
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Dialog Axiata to buy Bharti Airtel's telecom operations in Sri Lanka
VCCircle
·
1y ago
Medial
Telecom operator Dialog Axiata has agreed to acquire Bharti Airtel's telecom operations in Sri Lanka. As part of the deal, Dialog Axiata will issue Bharti Airtel a 10.4% stake in its company, while acquiring full ownership of Airtel Lanka. The agreement is subject to approval from Dialog Axiata's shareholders and the Colombo Stock Exchange. Airtel Lanka contributed only 0.2% of Bharti Airtel's consolidated turnover in the previous fiscal year.
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Bharti Airtel at life high as SC takes up AGR case petition; Bernstein raises price target
Money Control
·
10m ago
Medial
Shares of Bharti Airtel rose almost 3% as the Supreme Court reviewed the curative petitions filed by Bharti Airtel and Vodafone Idea in the Adjusted Gross Revenue (AGR) case. Brokerage firm Bernstein raised its price target for Bharti Airtel by 9% to Rs 1,740, citing expected relief measures and strong growth prospects. They also noted a favourable market structure for the telecom industry, driven by consolidation, with Bharti Airtel and Jio gaining market share. UBS Securities also increased its price target for Bharti Airtel to Rs 1,595.
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Garuda Aerospace Signs MoU with Sri Lanka's CYOL
Economic Times
·
9m ago
Medial
Drone manufacturer Garuda Aerospace has signed a Memorandum of Understanding (MOU) with CYOL, a Sri Lankan agricultural technology solutions provider, to expand operations in Australia, Africa, and Asia. Garuda Aerospace has officially launched its operations in Sri Lanka through this partnership. The collaboration aims to offer farmers real-time insights, optimized resource management, and enhanced crop monitoring capabilities by integrating drone technology with advanced software solutions. The companies aim to provide comprehensive services to optimize farming operations and promote sustainable agricultural practices.
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Adani Group may run three Sri Lankan airports
Thehindubusinessline
·
1y ago
Medial
The Adani Group is in talks with Sri Lankan authorities to manage three airports including Bandaranaike International Airport in Colombo. Other airports being offered are Ratmalana Airport and Mattala Airport. The move comes as Sri Lanka experiences a surge in tourism, putting strain on airport infrastructure. Adani Group's potential entry into Sri Lanka's aviation sector would mark its first overseas aviation foray. Adani Group currently operates eight airports in India and is looking to expand its portfolio. Sri Lanka aims to attract 2.3 million tourists in 2024 and is focusing on massive development projects.
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Garuda Aerospace set to spreads wings in Sri Lanka
Economic Times
·
12m ago
Medial
Drone startup Garuda Aerospace is expanding its operations in Sri Lanka as part of its Global Garuda initiative to increase its presence in 50 countries. The company chose Sri Lanka due to its developing drone policies and a government focus on technology in agriculture and industries. Garuda Aerospace aims to provide precision agricultural drones and also focus on homeland security and defense. The company has onboarded a local partner and plans to start deploying drones soon. Garuda Aerospace is also planning to expand to the US and Europe and hopes to manufacture critical components in the countries it expands to.
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Singtel sells Bharti Airtel stake worth Rs 5,849 crore to Rajiv Jain's GQG; shares flat
Money Control
·
1y ago
Medial
Singapore telecom operator Singtel has sold a 0.8% equity stake in Bharti Airtel to investment firm GQG Partners for INR 5,849 crore ($782 million). Shares of Bharti Airtel traded flat after the block deal, with around 4.9 crore shares changing hands. Chairman Sunil Bharti Mittal previously stated that he wants the average revenue per user (ARPU) of Bharti Airtel to reach INR 300, as the company reported a net profit of INR 2,442.2 crore for Q3FY24, up 54% year on year.
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Sri Lanka to begin talks with India, UAE for new energy hub
VCCircle
·
3m ago
Medial
Sri Lanka is set to collaborate with India and the UAE to develop an energy hub in the eastern city of Trincomalee as part of recovery efforts from a recent financial crisis. The project will include pipelines, bunkering facilities, and a potential refinery. Key discussions will begin next month, involving state-run Ceylon Petroleum, Indian Oil, and AD Ports. This initiative follows a recent agreement during Indian Prime Minister Narendra Modi's visit to Sri Lanka.
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Airtel’s Africa arm raising additional capital from overseas investor
VCCircle
·
4m ago
Medial
Airtel Africa, a division of India's Bharti Airtel Ltd, plans to secure up to $100 million in debt capital from a notable international investor. This funding aims to bolster its operations in Kenya and Rwanda, two rapidly growing economies in Africa. The strategic financial infusion is intended to support Airtel Africa's expansion efforts, leveraging the robust economic growth in these regions to enhance the company's presence and market share.
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After France, Now Sri Lanka and Mauritius To Get UPI; RuPay Card Connectivity - StartupNews.fyi
Startup News FYI
·
1y ago
Medial
Sri Lanka and Mauritius are joining the list of countries that will enable the Indian digital payment system, Unified Payments Interface (UPI), with UPI services set to be launched in both countries. Additionally, Mauritius will also see the launch of RuPay card services. This move will allow Indian nationals travelling to Sri Lanka and Mauritius, as well as Mauritian nationals travelling to India, to make use of UPI settlement services. The extension of RuPay card services in Mauritius will facilitate the usage of RuPay cards for settlements in both India and Mauritius.
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Nokia in talks with Bharti Airtel for multi-billion dollar 5G contract: Report
Money Control
·
9m ago
Medial
Finnish company Nokia is reportedly in discussions with Bharti Airtel, an Indian mobile operator, regarding a multi-billion dollar contract to provide 5G equipment. This comes after Ericsson was awarded a similar contract by Bharti Airtel. India is the second-largest smartphone market globally, prompting telecom companies to invest heavily in 5G network upgrades. However, orders from India slowed down significantly this year. The potential deal with Airtel would involve Nokia's latest AirScale mobile radios, which support network upgrades to 5G-Advanced and reduce energy costs. Other vendors, such as Samsung, are also in talks with Airtel.
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