Airtel Might Join Hands With ICICI Bank To Launch Locked Device Based Lending Offer

Airtel has reportedly joined ICICI Bank to launch a new initiative for its customers. Under this new initiative, both Airtel and ICICI Bank have launched a Locked Device Based Lending offer, where buyers will get mobiles with several applications, especially third-party.

To get this offer customers have to make a down-payment and have to pay EMI for the tariffs, Only Tech. The report highlighted that customers have to make a down payment of Rs. 2,999 along with 19 percent fixed EMI for 10 months if they want to purchase Rs. 6,099 devices. Besides, the telecom operator is expected to charge Rs. 25 per month as a late fee.

The company is also charging GST and a processing fee of Rs. 85. The report also claims that this offer is also available on the Nokia C3. However, the telecom operator announced that customers are not allowed to move to the postpaid scheme during the EMI tenure as this offer is available on specific plans. Once that period expired, users can recharge with any Airtel plan.

Notably, this development comes after Vodafone-Idea announced its plans to join hands with OEMs and finance companies to bring the affordable device in the country.

Airtel Buys 4.9% Stake In Infratel

Meanwhile, Airtel has bought a 4.9 percent stake in Bharti Infratel, which is the tower infrastructure arm. "We wish to inform you that Nettle Infrastructure Investments Limited, a wholly-owned subsidiary of the Company, has acquired an additional equity stake of 4.94 percent in Bharti lnfratel Limited, " Airtel said in a BSE filing.

The telecom operator has invested Rs. 2,882.32 crore for purchasing this much share. After the acquisition, Airtel and Nettle will have 23.04 percent and 13. 69 percent, respectively. Now, the stake of Airtel and Nettle has increased to 41.66 percent from 36. 73 percent.