There are many people and companies who would have loved to see and come to a place, and not doing only that, but also conquering it. A story of “I came, I saw, and I conquered” is the best one can tell.
Well, it is very unfortunate that according to reports, airtel might not be telling this kind of story anytime soon. They have come into the African market, they have seen it all but it appears they wouldn’t Conquer it.
This is not unconnected to the fact that the present economic hardship is weighing down certain business and companies of which airtel isn’t left out of.
Read more: TECHPRODUCTS’ MID-JANUARY TECH DOSE
According to a report by Bloomsberg, airtel “is considering mergers or stake sales at some of its Africa operations as it looks to cut debt and make its biggest overseas acquisition profitable.”
Speaking at the World Economic Forum in Davos, Mr. Mittal, the chairman of Bharti Airtel, said this process would be completed within a year and would affect some of Bharti’s businesses in 15 African nations, including Nigeria.
Also, the stats from previous quarters have not been encouraging at all as They lost $91 million in the quarter to September 2016. This was, however, an improvement from a $170 million loss over a similar quarter the previous year.
Also, to reduce the weight of the debt, they are also considering selling a stake in Bharti Infratel Ltd., its tower unit. A committee was studying whether the sale would be a minority stake or control of the tower unit and a decision could be taken in a month, Mittal said.
What more can I say at this point that we’re going to miss them. This would just make the telco industry less competitive and give these other telcos a chance to milk us the more, don’t you think so too?