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Airtel Africa Ltd, a subsidiary of Bharti Airtel Ltd has announced that Qatar Investment Authority ("QIA"), the sovereign wealth fund of the State of Qatar has agreed to invest $200 million through a primary equity issuance in the company. The proceeds will be used to further reduce Airtel Africa's existing net debt.
This transaction will not involve any sale of shares by existing shareholders, Airtel said.
"We are excited to welcome Qatar Investment Authority as a long term strategic equity partner. QIA is a respected global institution with a distinct lineage and a robust global portfolio. We look forward to a long and fruitful partnership with QIA," Airtel Africa said.
The investment from QIA is in continuation of the recent $1.25 billion investment by six leading global investors including Warburg Pincus, Temasek, Singtel, and SoftBank Group International and others. Airtel Africa recently announced a newly constituted Board of Directors that included representatives from Bharti Airtel and other investors.
Qatar Investment Authority said, "As a long-term global investor, we are delighted to invest in one of the leading telecommunication companies in Africa. QIA will look forward to supporting Airtel's vision in building a world-class business in the African continent."
Airtel Africa Limited is a pan-African telecommunications company with operations in 14 countries across Africa. Its product offerings include 2G, 3G, and 4G wireless voice and data services and mobile commerce through Airtel Money.
Meanwhile, Airtel Digital TV has come with simplified the channel selection for its customers.
The new procedure will now enable users to opt for their favorite channels with just a QR code scan on their television screen.
In fact, customers can make their own plans or select from a range of recommended plans as per the new TRAI guidelines on channel number 998 on Airtel digital TV.