Singapore’s Singtel, GIC to buy stock worth $1.23b in Indian telco Bharti Airtel

Photo: Reuters

Singapore Telecommunications Ltd (Singtel) said it will buy roughly $525 million worth Bharti Airtel stock as part of the Indian telecoms operator’s plan to raise $4.6 billion through new shares and bonds.

The fund raising plan, announced last month, is aimed at cutting debt and shoring up Bharti Airtel’s balance sheet as the Indian telecom industry reels from the impact of a price war triggered by the entry of Reliance Jio Infocomm Ltd.

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