Airtel Might Become Foreign Entity As Bharti Telecom Seeks Government Nod

|

Bharti Telecom, the promoter of Airtel, is looking for the government's approval for an investment of Rs. 4,900 crore, from Singtel and other foreign companies. This move will help Bharti Telecom become a foreign entity.

Airtel Might Become Foreign Entity As Bharti Telecom Seeks Government

 

"The fund infusion will enhance foreign stakeholding in Bharti Telecom to over 50 percent that will make it a foreign-owned entity," an official source was quoted by PTI.

However, at present Sunil Bharti Mittal and family have a 52 percent stake in Bharti Telecom. While Bharti Telecom has a 41 percent stake in Airtel, a foreign promoter firm has 21.46 percent and public shareholders have a 37 percent stake in the telecom firm.

"Bharti Telecom has applied for infusion of Rs 4,900 crore in the company which includes investments from Singtel and some other foreign investors. With this Bharti Telecom will become a foreign entity as the majority stake will be held by overseas investors. DoT is expected to approve this investment this month," the source told the news agency. Earlier, the Department of Telecom had rejected Airtel's application on the infusion of foreign direct investment in the company.

Meanwhile, the company is all set to raise $ 3billion, to pay the dues. In fact, the board has already approved to raise via QIP, public, and private offerings of equity shares. Apart from that, the company has launched three new plans for its prepaid customers.

The new plans are priced at Rs. 219, Rs. 399, and Rs. 449. Under this newly launched plan free unlimited calling to other networks. It includes 1GB, 1.5GB, 2GB data per day and 100 SMS. It includes access to free Wynk music, Airtel Xstream App premium, and Hello Tunes. For the unaware, from December 3, Airtel has raised prices of all prepaid plans. The company has launched plans for 28 days, 84 days, and 365 days.

Most Read Articles
Best Mobiles in India

Read More About: airtel vodafone idea reliance jio

Best Phones

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Yes No
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Gizbot sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Gizbot website. However, you can change your cookie settings at any time. Learn more