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Kuwait's Zain Telecom on Thursday confirmed that its board of directors has approved the offer from India's top telecom operator Bharti Airtel to acquire its African assets, other than those in Morocco and Sudan.

The shares of India's top telecom company Bharti Airtel opened strong on bourses here Wednesday, a day after it sealed a $10.7 billion deal to acquire the African assets of Kuwait's Zain.

India's Bharti Airtel Thursday said it has begun the process of raising funds for the $10.7 billion deal to acquire the African assets of Kuwait's Zain that will make it the world's fifth largest mobile telecom firm.

The move by India's top telecom player Bharti Airtel to acquire the African assets of Kuwait's Zain marks the biggest foray of a domestic company into the continent. The landmark deal, estimated at $10.7 billion, raises the level of Indian investments in Africa to $16.7 billion.