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Telecommunication

Bharti Airtel seeks extra $3 billion amid India telecom price war

Company plans to issue equities, bonds

Unrelenting price competition from the Mukesh Ambani-backed Reliance Jio Infocomm has poses a threat to Bharti Airtel's financials.   © Reuters

MUMBAI (NewsRise) -- Indian mobile phone carrier Bharti Airtel aims to raise $3 billion to pay the money owed to the government and bolster its balance sheet, even as competition from billionaire Mukesh Ambani-backed Reliance Jio Infocomm shows no signs of abating.

Bharti, about a third owned by Southeast Asia's biggest wireless carrier Singapore Telecommunications, Wednesday said it plans to raise $2 billion via qualified institutional placements and $1 billion through bonds. The fundraising plan comes after the company raised about $4.6 billion in March. The debt-ridden carrier, along with larger rival Vodafone Idea, is scrambling to cough up funds after India's Supreme Court upheld the telecom department's demand for $13 billion in dues from operators.

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