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Bharti Airtel raises $1.78bn for 3G spectrum
26 May 2010
Indian group Bharti Airtel has raised $1.78bn in loans in order to pay the Indian government for its 3G spectrum by the end of May
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Bharti Airtel has secured $1.78 billion in loans from a consortium of financial institutions. The banks, which are providing the loan, include the State Bank of India and HDFC.
The company will use the financing, which is spread over six years and carries an interest rate in the range of 8-9%, to pay the government for its 3G mobile spectrum by May 31 2010.
The company may have to pay more if it wins some of the licences for the ongoing broadband wireless access auction.
Bharti, which has won the bids for 13 districts or circles, including Delhi and Mumbai, for $2.58 billion, will offer 3G service in Andhra Pradesh, Karnataka, Tamil Nadu, Uttar Pradesh West, Rajasthan, West Bengal, Himachal Pradesh, Bihar, North East, Jammu and Kashmir, Assam, Delhi and Mumbai. GTB