SingTel, Southeast Asia's largest telecommunication operator, on Thursday announced that will increase its effective interest in India's Bharti Airtel to 32.34 per cent from 30.76 per cent.

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“The acquisition would allow SingTel to increase its effective stake in Bharti Airtel, and is in line with SingTel’s strategic focus on maximising the value of its existing businesses, which includes reviewing opportunities to increase shareholdings in existing associates,” SingTel said in a statement.

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It said that it had agreed to buy 788,538 shares, or 3.62 per cent, of Bharti Telecom Ltd. Bharti Telecom holds approximately 43.57 per cent of Bharti Airtel.
 
The deal is expected to be completed by August 28, according to SingTel.    

According to Bloomberg, keeping in view the slow growth in wireless earnings SingTel plans to spend S$2 billion on acquisitions. The company has said it is considering increasing stakes in its associates as it taps into the growth opportunities in faster-growing markets in Asia.

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SingTel on Wednesday announced that its net profit rose 7% to S$1.01 billion from a year ago, lifted by stronger EBITDA and higher contributions from the regional mobile associates. Underlying net profit, excluding exceptional items, rose 6% to S$897 million and would have increased 8% excluding the impact of foreign currency movements.

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