JOIN USTelecom major Bharti Airtel has issued around $3.35 billion (Rs 19,400 crore) guarantee to its Netherlands-based holding company, Bharti Airtel International (Netherlands) BV In April.
"This is part of routine substitution of acquisition finance by Bharti Airtel for Africa business," sources aware of the transaction said.
Bharti Airtel manages Africa operation through Bharti Airtel International (Netherlands) B.V. The entire stake of Zain Africa was transferred to the Netherlands based holding company on March 30, 2010 for $9 billion.
Sources said that guarantee is related to recent bonds issued by Bharti Airtel International (Netherlands).
As per RBI data for Indian companies' overseas direct investments for April 2013, Bharti Airtel issued guarantees worth $3,352 million to Bharti Airtel International (Netherlands) BV.