Dec 18, 2013 (LBO) – Bharti Airtel is close to exiting Sri Lanka after investing 300 million US dollars to acquire two million users, a media report said. India’s Hindu Business Line newspaper citing un-named sources said after give months of negotiations it was close to a sale to Etisalat, which had a five million user network in the island.
The newspaper said. Manoj Kohli who is in-charge of Airtel’s operations in Africa, Bangladesh and Sri Lanka, declined to comment.
Airtel became the fifth operator in Sri Lanka in 2009 with well entrenched players when growth was already tapering off.
The entry led to a price war which hit margins of existing players leading to the regulator imposing tariff floors.