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The stake was sold to US investment firm GQG Partners, leaving Singtel with a roughly 29% stake in Bharti Airtel, India’s second-largest operator
This week, Singtel has announced it has sold a 0.8% stake in Indian telecoms operator Bharti Airtel to GQG Partners for roughly $711 million.
The move marks the latest step in the company’s gradual divestment in India’s second largest mobile operator, with Singtel having sold a 3.3% stake in the business for $1.9 billion back in 2022.
Singtel has undergone a strategic shift since 2021, aiming to raise capital to help fund a fundamental shift in the business from telco to techco, including scaling up the company’s data centre and IT services businesses.
“The group is now in an even stronger position to execute our disciplined capital approach of balancing investing for greater growth and delivering strong, sustainable returns,” said Singtel finance chief Arthur Lang in a statement.
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