Zain to pay Bharti Airtel $129 million in Africa settlement

Africa business of Zain was completed in 2010 for $9 billion
Source- Reuters
Source- Reuters

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Zain has said it will pay $129 million to Bharti Airtel over a settlement related to the sale of Zain's Africa operations to the Indian firm in 2010, as reported by Reuters.

The payment will have no future financial impact on Zain as it set aside provisions to cover potential payments related to the transaction at the time of the sale, a spokesperson for Zain, said. Zain in 2010 completed the $9 billion sale of its Africa business.

Zain further said it was liable for "taxation claims and amounts that may be due for unprovided litigation claims" after the sale of Zain Africa.

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