Singaporean operator Singtel announced plans to divest part of its stake in Indian operator Bharti Airtel for about SGD2.25 billion ($1.6 billion).
In a statement, Singtel noted it would sell a 3.3% stake in the Indian carrier to Bharti Telecom, a joint venture between Bharti Enterprises and Singtel.
Singtel also said that the transaction is expected to close before November 23.
In a release, Singtel’s CFO Arthur Lang, said: “As long-term strategic investors and partners, the value of our stakes in our regional associates has risen substantially over the years but has not been properly reflected in our share price.
