Bharti Airtel to invest $1bn in Africa
“By handing over the management of operations to Comviva, we can enhance efficiencies in our operations and focus on marketing initiatives that will help drive usage and engagement levels across our customer base,” says Airtel Africa CEO and joint MD, Manoj Kohli.
According to the Economic Times, financial details of the deal were not disclosed.
Comviva is partly owned by Bharti Airtel's parent Bharti Group, while WestBridge Capital, Sequoia Capital India and Cisco Systems are the other investors in the company.
Global Telecoms Business says Bharti Airtel will invest $1 billion in Africa to spread out its network throughout the continent.
Sunil Mittal, chief of Bharti group, says: “We have already invested $11 billion here and have committed nearly $1 billion investment for this year.”
Bharti acquired Zain's African business in 2010 for $10.7 billion. Airtel's Africa operations during 2010 to 2011 reported a net loss of $105 million, while revenues stood at $2.8 billion.
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