Bharti Airtel Gains 2% on Partnership With Telecom Egypt

Shares of Bharti Airtel rose 2.7 percent intraday Monday as company entered in to partnership with Telecom Egypt.

Bharti Airtel and Telecom Egypt announced a strategic partnership, wherein, Airtel will get IRUs (Indefeasible Right of Use) on Middle East North Africa Submarine Cable (MENA Cable) and TE North Cable Systems.

In addition, Airtel will also take large capacities on a long-term basis on two new state-of-the-art Cable Systems (SMW5 & AAE1).

The transactions aim to be concluded after the fulfillment of all conditions precedents.

he partnership grants Airtel the right to use fiber pairs of MENA Cable from Egypt to India with access to Saudi Arabia and Oman, and other fiber pairs from Egypt towards Italy.

It also extends beyond MENA Cable, where Airtel will get the right to use a fiber pair from Egypt to France on TE North along with capacities on SMW5 and AAE1 cable systems.

Ajay Chitkara, Director and CEO, Airtel Business said, “The partnership with Telecom Egypt underlines our commitment to provide world-class service experience to our customers.”

“The partnership including MENA Cable and TE’s network will be a good addition to our global network portfolio and provide us with a high quality and diversified new route to Western Europe and the rest of the world,” he said.

At 13:12 hrs Bharti Airtel was quoting at Rs 383.95, up Rs 9.25, or 2.47 percent on the BSE. – Money Control