Bharti to Raise $2 Billion for Expanding LTE Services, BTVI SaysBianca Vázquez Toness
Bharti Airtel Ltd. plans to raise $2 billion from China Development Bank to help fund the roll-out of fourth-generation wireless services, Bloomberg TV India reported.
Bharti will use the funds to help buy equipment from Chinese suppliers ZTE Corp. and Huawei Technologies Co., BTVI said, citing people it didn’t identify. Prem Subedi, a spokesman for Bharti, declined to comment.
Rena Qin of ZTE and Linna Yi of Huawei both didn’t answer a call each to their mobile and office phones today.
Bharti is rolling out 4G services across major Indian cities as the nation’s biggest wireless carrier seeks to sell data packages to customers using smartphones to watch videos and download music. Billionaire Chairman Sunil Mittal’s company reported a 41 percent increase in average data usage per customer in India in the 12 months ended March.
The company agreed in March to pay 293.1 billion rupees ($4.6 billion) for wireless airwaves in the latest government auction of spectrum.
Shares of Bharti rose 3.4 percent to 400.75 rupees as of 11:57 a.m. in Mumbai.
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