Bharti rings a Chinese tune

The China trip has borne fruits for at least one company immediately. Bharti Airtel on 16th May, Saturday, announced that it has received financing commitments of up to US$ 2.5 Billion from China Development Bank and Industrial and Commercial Bank of China. The Company signed the term sheets for the financing options in the presence of our PM. Subject to final agreements and requisite approvals, Bharti Airtel can draw these funds over a long availability period, depending on its financing requirements. These financing options will allow the Company to diversify its global financing pool and access funds to invest in the growth of data networks across its global operations.

This is not the first Chinese connection for Bharti. In March 2015, Bharti Airtel had announced a strategic collaboration with China Mobile, under which, the two companies will work towards the growth of the LTE ecosystem and evolving mobile technology standards. It also has network equipment sourcing agreements with ZTE and Huawei.

The market is happy with this news as the stock is up current around 1.5% at Rs.397 levels with an intra day high at Rs.399.40. Its 52-week high stands at Rs.425.70.