Printer Friendly

Qatar Foundation Endowment to invest in Airtel.

Qatari investment vehicle, Qatar Foundation Endowment, has agreed to invest $1.26 billion in Indian telecoms giant, Bharti Airtel.

The Qatar Foundation will make the investment through the

purchase of 199,870,006 new Bharti Airtel shares, representing a shareholding

of 5% in the telco.

Bharti Airtel said in a statement that the investment would

further strengthen the capital structure and provide further flexibility for it

to deliver on its growth strategy.

Sunil Bharti Mittal, chairman, Bharti Airtel, said: "I am

delighted to welcome another high quality long-term institutional investor to

our shareholder base. This strategic partnership with QFE demonstrates the

confidence they have in the Company and our strategy for growth. In addition,

this agreement exemplifies further strengthening of the already deep economic

and cultural relations between Qatar

and India.

We look forward to a long and fruitful partnership with QFE".

Rashid Al-Naimi, acting CEO at QFE, said: "We are excited to

be making a significant investment in one of the leading telecommunications

companies in the world. As a long-term global investor, our shareholding gives

us exposure to a high growth sector in key emerging markets. QFE looks forward

to supporting Bharti in realising the full potential of this world class

business." Goldman Sachs acted as sole financial advisor to QFE on this

investment."

2013 ITP Business Publishing Ltd. All Rights Reserved.

Provided by Syndigate.info an Albawaba.com company
COPYRIGHT 2013 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2013 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:ITP.net
Date:May 5, 2013
Words:231
Previous Article:Brocade launches \ On Demand Data Centre\ strategy.
Next Article:Bahrain utility goes with major SAP roll out.
Topics:

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters