Bharti Airtel is eyeing a bid for Africa’s largest telecom firm MTN, which has operations in more than 20 countries.

The success of the deal will catapult Bharti in the league of the most powerful mobile phone operators in emerging market.

MTN has 68.2 million subscribers and its market capitalisation stood at $33 billion, as against Bharti Airtel’s $44 billion.

The sources familiar with the matter said that Standard Chartered was suggesting Bharti on its options, whereas Singtel, which owns 35% of Bharti and backs the idea of an MTN deal, was being advised by Goldman Sachs.
 
Bharti Airtel said that the consolidated total revenues for the quarter ended March 2008 of Rs 78.19 billion arose by 45% and EBITDA of Rs 32.52 billion climbed 45% on a year on year basis.

The cash profit from operations of Rs 30.36 billion grew by 38% over last year. The net income for the quarter stood at Rs 18.53 billion, a growth of 37% over last year.

The revenues and net income for the twelve month period ended March 2008 was Rs 270.25 million and Rs 67.01 billion, a growth of 46% and 57% over the same period last year respectively.

Shares of the company gained Rs 55.85, or 6.62%, to trade at Rs 900.05. The total volume of shares traded was 1,071,289 at the BSE. (12.38 p.m., Friday)