Bharti Airtel today said it expects its USD 9-billion acquisition of the African assets of Kuwaiti firm Zain Telecom to be concluded soon.
The company also announced a capex of USD 800 million for building network for Zain Africa.
“We are in the process to get all the regulatory approvals for the Zain deal and it's going on smoothly. We should be able to close the deal as soon as we get all the approvals," Akhil Gupta, Deputy group chief executive said.
With the company posting its first fall in net profits in three years, the focus is on the conclusion of the Zain deal so that it could be included in the balance sheet.
On when the company would include Zain financial into its balance sheet, he said, "Once the acquisition closes, the figures will flow into our financials."
In March, Bharti struck a USD 9 billion deal to acquire Zain's assets in 15 African countries.
The company said it would spend USD 800 mn on Zain Africa this fiscal on setting up infrastructure network.
"Last year Zain spent USD 800 million as capex for its African operations. I do not expect this year we will spend significantly higher than this amount as capex for Zain Africa," Mr Gupta said.
For India, the capex for 2G network would be in the range of USD 1.5-1.8 billion, he added. The figure excludes expenditure on tower business.
Mr Gupta said the company is looking at opportunities for raising equity for the tower business, but it could only be done once the full-year financial of the tower business is out.
"We are looking at the equity raising opportunities which includes an IPO for our tower business," he said.