Airtel to raise funds to contend with Jio
New Delhi [India], Jan. 20 (ANI): Bharti Airtel intends to raise funds via a private placement of bonds in order to take on Reliance Jio Infocomm.
Airtel, which will announce its Q3 results on the same day, however, didn't disclose the amount it plans to raise.
The announcement has come after Jio said it is getting an infusion of Rs. 30,000 crore from Reliance Industries, to be spent on the expansion and improvement of its network.
In a notice to the stock exchanges, the company said the board of directors will consider the issue of debentures or bonds through private placement at a meeting on January 24. It is already in talks with private equity firm KKR and Co. to sell as much as a 40 percent stake in its tower infrastructure unit, Bharti Infratel. (ANI)