DAR ES SALAAM: India's Bharti Airtel has agreed to pay 60 billion shillings ($26 million) over five years and cancel debt to resolve a dispute over ownership of its Airtel Tanzania unit, the Tanzanian government said on Monday. Bharti Airtel also cancelled $407 million of debt owed to it by Airtel Tanzania as part of the settlement, Kabudi said. Bharti Airtel rejected the claim, saying it had complied with regulatory approvals when it acquired a 60% stake in the firm. After prolonged negotiations the two sides in January signed a settlement that included Bharti Airtel agreeing to increase the government's stake in the company from 40% to 49%. Bharti Airtel Executive Chairman Sunil Bharti Mittal said he hoped would the deal would "give a fresh start to the company."

Source: Mint June 10, 2019 18:45 UTC