Bharti Airtel’s foreign strategic partner, Singapore Telecommunications popularly known as Singtel notched up additional 1.52 % stake in the Indian JV for a deal valued in the range of Rs 1807.3 crore to Rs 3008 crore.

The amount will be paid by Singtel in three installments over a 18 month period. Singtel will acquire 730,000 shares from Bharti Telecom which is one of the promoter companies of Bharti Airtel. Singtel will facilitate the deal through its subsidiary, Pastel.

Officially Singtel maintained that the increase in stake is part of its strategic focus on maximising the value of its existing businesses. But Bharti has been facing tough times in the bourses along with other telcos who are finding it difficult to register double digit growth rates on the financial performance front. This provides an ideal opportunity for foreign firms to increase stake when the share prices are down.