The Chairman of India’s largest mobile-phone operator, Bharti Airtel Ltd, Sunil Bharti Mittal, has disclosed that the company is considering mergers or sales of its stake at some of its Africa operations so as to cut debt and make its biggest overseas acquisition profitable.
He said that the development could result in job cuts at various levels and shrinking of businesses in countries of operations on the continent including Chad, Democratic Republic of the Congo, Gabon, Ghana, Kenya, Madagascar, Malawi, Niger, Nigeria, Rwanda, Seychelles, Tanzania, Uganda and Zambia.
Mittal further said that the cut in operations in the continent could be completed within a year. Faced with an escalating price war in its home market, Bharti is looking for ways to pare net debt equivalent to about $12 billion as of September.
Last year, Mittal had disclosed that the telecommunications firm, which currently enjoys 22.14 percent market share in Nigeria and services 34.1 million customers would not exit Africa, despite the harsh economic conditions. According to ETTelecom.com, he had noted that though, there are challenges in the region, “but we are committed to Africa. No plans to exit the market.”
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