- AMC Sector: Growth-oriented funds lead the strong inflows in sector, says BK Securities – check key triggers
- Q1FY23 Preview: Pharmaceutical firms likely to deliver subdued performance in domestic market, says Nirmal Bang
- Chemical sector may report growth in operating profit both sequentially and YoY in Q1FY23 – Check details here
- Finance Ministry empanels 12 transaction advisers for assisting in implementation of Public Private Partnership projects
- Stock market on Monday: Market may continue its volatile trade, believes Anil Singhvi - crude, rupee movement key monitorable
Bharti Airtel to pay $26 million to Tanzania, cancel debt to resolve ownership dispute
India`s Bharti Airtel has agreed to pay $26 million over five years and cancel debt to resolve a dispute over ownership of its Airtel Tanzania unit.
India`s Bharti Airtel has agreed to pay 60 billion shillings ($26 million) over five years and cancel debt to resolve a dispute over ownership of its Airtel Tanzania unit, the Tanzanian government said on Monday. Tanzania`s minister for foreign affairs and east Africa cooperation, Palamagamba Kabudi, announced the deal at a ceremony to receive a three-month batch of monthly payments worth 1 billion shillings each due from April this year.
Bharti Airtel also cancelled $407 million of debt owed to it by Airtel Tanzania as part of the settlement, Kabudi said. In 2017, the Indian company was drawn into a dispute with Dar es Salaam over ownership of the mobile operator after President John Magufuli said it was fully owned by state-run Tanzania Telecommunications Company Ltd (TTCL).
He said TTCL had been cheated out of its shares through an irregular privatisation process. Bharti Airtel rejected the claim, saying it had complied with regulatory approvals when it acquired a 60% stake in the firm.
After prolonged negotiations the two sides in January signed a settlement that included Bharti Airtel agreeing to increase the government`s stake in the company from 40% to 49%.
Bharti Airtel Executive Chairman Sunil Bharti Mittal said he hoped would the deal would "give a fresh start to the company."
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.