Singtel to invest Rs. 2649 Crores in Bharti Telecom
- ● Transaction highlights Singtel's confidence in Airtel and Indian telecoms sector
- ● Second investment by Singtel within a span of 23 months
Bharti Airtel Limited ("Airtel"), a leading global telecommunications services provider with operations in 16 countries across Asia and Africa, today announced that Singapore Telecommunications Limited ("Singtel"), Asia's leading communications and ICT solutions group and a long term partner of Airtel, will invest Rs. 2649 Crores in Bharti Telecom Limited ("Bharti Telecom"), the promoter company of Airtel through preferential allotment of shares. The transaction is subject to the shareholders’ approval of Bharti Telecom. The funds raised will be used towards debt reduction.
With this investment, Singtel’s total stake (along with its affiliates) in Bharti Telecom will increase to 48.90%. Singtel currently holds 47.17% stake in Bharti Telecom. Bharti Enterprises continues to hold over 50% stake in Bharti Telecom.
The fresh round of investment highlights the confidence of Singtel in Airtel, and the increased attractiveness of the Indian telecoms sector following the recent consolidation. The investment comes within 23 months of Singtel's participation in Bharti Telecom’s Right Issue of Rs. 2500 Crores, which was completed in February 2016.
Deven Khanna, Managing Director, Bharti Telecom, said, “Airtel shares a nearly two decade-long relationship with Singtel, which has only become stronger over the years. The fresh round of investment highlights the confidence of Singtel in Airtel, and the increased attractiveness of the Indian telecoms sector following the recent consolidation.”
About Bharti Airtel Limited:
Bharti Airtel Limited is a leading global telecommunications company with operations in 16 countries across Asia and Africa. Headquartered in New Delhi, India, the company ranks amongst the top 3 mobile service providers globally in terms of subscribers. In India, the company's product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high speed home broadband, DTH, enterprise services including national & international long distance services to carriers. In the rest of the geographies, it offers 2G, 3G, 4G wireless services and mobile commerce. Bharti Airtel had over 394 million customers across its operations at the end of December 2017. To know more please visit, www.airtel.com.