Telecom major Bharti Airtel has received the nod for setting up operations in Sri Lanka, with an investment of $150 million, reports Lanka Business Online. The company has got the approval to offer both 2G and 3G services, but is banking on infrastructure sharing to roll out operations. As per CEO Narendra Gupta, overall mobile penetration in Sri Lanka is at 20 percent, with three fixed line and four mobile operators.
PTI adds that Airtel was competing with Reliance Communications and Maxis Telecom for this deal. The company hopes to launch operations by the end of the year.