SingTel likely to help fund Bharti-Zain deal | india | Hindustan Times
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SingTel likely to help fund Bharti-Zain deal

SingTel (Singapore Telecommunications) may help with the funding for Bharti Airtel’s acquisition of Zain’s African assets, a senior SingTel executive said on Friday.

india Updated: Mar 12, 2010 23:27 IST
Reuters/HT Correspondent

SingTel (Singapore Telecommunications) may help with the funding for Bharti Airtel’s acquisition of Zain’s African assets, a senior SingTel executive said on Friday.

SingTel, Southeast Asia’s largest telecom firm that owns 32 per cent of Bharti, said the acquisition would be financed by debt, and there was no need to inject money directly into its Indian affiliate since the deal would not dilute its stake.

“In one way or the other we will be part of the funding, we are a very substantial shareholder of Bharti,” SingTel’s Chief Executive Officer International Lim Chuan Poh said.

Bharti and Zain are in exclusive talks until March 25 for the Kuwaiti firm’s operations in 15 African countries.

“It (the funding) will definitely be through debt for the amount that we are talking about,” Lim Chuan said.

SC rejects DoT petition on S Tel

The Supreme Court on Friday disposed off a special leave petition filed by the Department of Telecommunications against a high court order in favour of S Tel in a matter relating to issuing licences in 16 circles. S Tel had filed an affidavit that due to business viability, it no longer wanted to acquire licences in the 16 circles.