Bharti gets licenses to offer 2G and 3G services in Rwanda ::Angel Broking,

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Bharti gets licenses to offer 2G and 3G services in Rwanda
Bharti Airtel (Bharti), expanding its footprint in Africa, has got licenses to operate 2G and
3G mobile services in Rwanda for which it has announced an investment of US$100mn in
the next three years. Rwanda is amongst the fastest growing telecom markets in Africa.
According to the National Statistics Institute of Rwanda, mobile penetration in the country
was 38.4% as of July 2011. Bharti already had its presence in 16 countries of Africa, which
include Burkina Faso, Chad, Democratic Republic of the Congo, Republic of the Congo,
Gabon, Ghana, Kenya, Malawi, Madagascar, Niger, Nigeria, Seychelles, Sierra Leone,
Tanzania, Uganda and Zambia. Bharti reported to have 46.3mn mobile customers on its
network in Africa by 1QFY2012. The company added 2.1mn customers and had average
revenue per user of US$7.3 per month during 1QFY2012. We maintain our Accumulate
recommendation on the stock with a target price of `451.