Zain
In March 2010, Bharti struck a deal to buy the Zain's mobile operations in 15 African countries, in India's second biggest overseas acquisition after Tata Steel's $13 billion buy of Corus in 2007. Bharti Airtel completed its $10.7 billion acquisition of African operations from Kuwaiti firm, making the Airtel the world's fifth largest wireless carrier by subscriber base. Airtel has reported that its revenues for the fourth quarter of 2010 grew by 53% to US$3.2 billion compared to the previous year, newly acquired Zain Africa division contributed US$911 million to the total. However, net profits dropped by 41% from US$470 million in 2009 to US$291 million 2010 due to a US$188 million increase in radio spectrum charges in India and an increase of US$106 million in debt interest.
Read more about this topic: Airtel India, Acquisitions and Mergers