Airtel receives credit line of $2.5 b from Chinese banks

 Bharti Airtel  on Saturday said that it has received financing commitments of up to $ 2.5 billion from China Development Bank and Industrial and Commercial Bank of China, to help the company diversify its global financing pool and access funds to invest in the growth of data networks across its global operations.

While China Development Bank has committed financing of up to $ 2 billion with an average maturity of about nine years, the Industrial and Commercial Bank of China has committed $ 500 million with an average life of about nine years, making these the longest bilateral commitments in India by the two banks.

Subject to final agreements and requisite approvals, including approvals from the Reserve Bank of India (RBI), Bharti Airtel can draw these funds over a long availability period, depending on its financing requirements, the company said in a press note. Bharti Airtel signed the term sheets for the financing options in the presence of Prime Minister Narendra Modi, who is currently on an official visit to China. The company currently operates in 20 countries in Asia and Africa.