Photo: Pradeep Gaur/MintNew Delhi: In a much needed ammunition to strengthen its presence in India’s telecom market, Bharti Airtel Ltd on Tuesday said that it has sold 10.3% stake in its tower company Bharti Infratel Ltd to a consortium of funds to raise Rs6,193.9 crore. “The long-term investment horizon of the investors aligns well with the capital needs and business cycles of Bharti Infratel,” he said. “Bharti Airtel will primarily use the proceeds from this sale to reduce its debt,” the company said in a statement. Previously, the funds managed by KKR had invested in Bharti Infratel between 2008 and 2015. Following the closure of this transaction, Bharti Airtel’s equity holding in Bharti Infratel stands at 61.7%, and that of KKR and CPPIB at 10.3%.

Source: Mint March 28, 2017 05:03 UTC