Bharti Airtel looks to invest $2.4 billion in Africa unit, says report

Bharti Airtel has decided to invest as much as $2.4 billion in its Africa unit with to expand its 4G services across the continent, Mint reported on Monday.

The telecom operator is also looking for an initial public offering (IPO) for its Africa unit sometime in June-July after having raised $1.25 billion in its pre-IPO fund raising from global investors, the report said.

"Africa has good prospects. Data is just about starting in Africa. We will take a lead in 4G in Africa. Bharti will spend about $700-800 million a year over 2-3 years to expand 4G services and this money will come from the Africa operations itself," a person with direct knowledge of the matter told Mint.

Airtel Africa, the holding company for Bharti Airtel’s operations in 14 countries in the continent, currently offers 4G services in 10 of these nations, said the report.