Bharti Airtel Raises $2.5 Billion In Funds From Chinese Banks
Bharti Airtel today said it has received bilateral financing commitments of up to $2.5 billion from China Development Bank and Industrial and Commercial Bank of China, with an average maturity of about nine years. The funds would help the company diversify its global financing pool and invest in growth of data networks. China Development Bank has committed $2 billion credit line, while the Industrial and Commercial of China has offered $500 million credit line. With about nine-years in average maturity, these will be the longest bilateral commitments in India by the two banks, Bharti Airtel said in a statement. This is the â€œsingle-largest bilateral commitment by China Development Bank to any telecom operator globally and the largest bilateral commitment to a private Indian companyâ€. Transactions are subjected to requisite approvals, as applicable, including RBI approvals.