Singapore Telecommunications has said it signed a conditional share purchase agreement with Temasek Holdings to buy a 7.39% stake in Bharti Telecom Ltd, the holding company of India’s largest telco Bharti Airtel Ltd. Singtel will also acquire 21% in Thailand’s Intouch Holdings public Co. Ltd for $1.8 billion (approximately Rs 12,000 crore). Intouch is the biggest shareholder in Thailand’s largest mobile operator Advanced Info Services Public Co. Ltd.

In its official statement, Singtel said, “The acquisitions will be settled fully in cash. This transaction will be funded through internal cash, short-term debt and proceeds from a share placement of 386 million new Singtel shares to Temasek."

The acquisition will increase Singtel's exposure to the quickly expanding telecom sectors in Thailand and India, countries where mobile data usage is particularly high. India is the world's second-biggest mobile phone market in terms of customers, after China.