Bharti Airtel Said to Plan $1 Billion Loan for Spectrum Purchase

Bharti Airtel Ltd., India’s largest wireless carrier, is planning a $1 billion loan to partly fund spectrum purchases, people familiar with the matter said.

Bharti is seeking Reserve Bank of India approval for the loan, known as an external commercial borrowing, according to one of the people. It is expected to send out requests for proposals to banks once it gets the green light, the person said, asking not to be identified as the information is private.