Airtel divestment: Why Singtel is on a selling spree

Singapore: Last week, a day after reporting its first quarter 2022 financial results, Singtel announced on August 25 that it would sell a 3.3 per cent stake in India’s Bharti Airtel Ltd to Bharti Telecom Ltd for an aggregate consideration of about USD 1.61 billion.

Southeast Asia’s largest telecommunications operator by market capitalisation said that proceeds from the sale may be used to reduce the group’s debt and fund 5G capital expenditures and growth initiatives.