The Hindu Business Line : Bharti may raise $500 m thru ECBs

BHARTI Tele-Ventures is likely make external commercial borrowings (ECB) of atleast $500 million (around Rs 2,250 crore) during the next financial year, now that government has allowed it.

At least $500 million would be through the automatic route, said Mr Akhil Gupta, Joint Managing Director, Bharti, speaking at the sidelines of a discussion on the industry outlook for the telecom sector, organised by rating agency Crisil here today.

The funds raised would be used for refinancing earlier loans and also for equipment purchase and other routine expenses, he said.

Although the company's plans for an ADR are not certain, "we would like to go for ADR with fresh capital," said Mr Gupta.

By virtue of the unified licence, Bharti will now be able to offer wireline services in any circle of its presence, pointed out Mr Gupta.

The company's strategy for wireline currently focuses only on the high-end segment.

"We plan to increase our wireline coverage from the current 12 cities to around 25-30 cities very soon.

This will enable us to offer integrated telecom solutions to corporates and to the small and medium enterprise segments," he said.

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