SingTel upped its stake in Indian partner Bharti Airtel to 32.34 percent, a move it said is “in line with SingTel’s strategic focus on maximising the value of its existing businesses, which includes reviewing opportunities to increase shareholdings in existing associates”.

It has increased its holding in the business from 30.76 per cent, through the acquisition of additional shares in Bharti Telecom Limited. The aggregate payment is SG$383.58 million ($302.1 million).

The Singapore operator previously noted that the issue of new shares earlier this year reduced its holding in Airtel from 32.3 per cent to the 30.8 level – meaning the current transaction essentially sees this restored to its earlier level. It recorded a SG$150 million gain as a result of the earlier transaction.

In a statement earlier this week, Chua Sock Koong, group CEO at SingTel, noted that the company is “optimistic” that Airtel, as Indian market leader, will benefit from “some pricing discipline returning to the Indian mobile market”.

SingTel said the deal will not have a material impact on either its earnings or its net tangible assets for the current financial year.