Singapore Telecommunications (Singtel) said it would spend up to $413 million on shares in India’s Bharti Telecom, lifting its stake slightly in the holding company for Bharti Airtel to just under half.
Singtel also said it takes a long-term view of the investment in Airtel which continues to be a strong market leader in a region with rapidly increasing smartphone penetration and mobile data adoption.
The purchase worth as much as 26.5 billion rupees could increase Singtel’s stake in Bharti Telecom by up to 1.7 percentage points to 48.9.
Singtel has assembled a portfolio of stakes in regional mobile firms outside its small home market, and overseas businesses now account for about 75 percent of its core earnings.