Bharti to raise $600 million

Bharti to raise $600 million

By SiliconIndia   |   Monday, 26 January 2004, 08:00 Hrs
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MUMBAI: Bharti Tele-Ventures Ltd plans to raise up to $600 million from the offshore debt market in the fiscal year starting April, a company spokesman told Reuters on Saturday.

"We are planning to raise around $500 to $600 million through external commercial borrowings or from export credit agencies in 2004-05," the spokesman said.

"(The funds) will be used to refinance earlier loans and to purchase equipment for new projects," he said.

Details of the borrowings were not available.

Bharti is India's largest operator of GSM mobile services and 28 per cent-owned by Singapore Telecommunications Ltd.

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