Thursday, 23 June 2011

Bharti Airtel composes concluding expense of $700 million to Zain

Bharti Airtel paid the last tranche of $700 million dollar to Kuwait supported Zain for purchasing its Africa assets on Thursday, carrying out the complete and last cash payment of $9 billion accord by the agreement of the transaction, in which the amount was to be paid one year after the transaction.

Previous year, Bharti Airtel had attained Zain Telecom's Africa operations for $10.7 billion to become the world's fifth major mobile operative with a total 180 million subscribers in 18 country in Asia and Africa Bharti had acquired Zain Telecom's actions in 15 African countries, without Sudan and Morocco. During 2010-11, Airtel's Africa operations accounted a net defeat of Rs. 480 crore, as revenues stood at Rs. 13,083 crore. Airtel Africa Company had 44.2 million GSM mobile customers on its network. During the quarter, the company added 2.1 million customers. The total user base of Bharti in 19 countries stands at over 185 million. The company has also launched its brand Airtel in all 16 African countries.


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