Bharti Airtel gets $2.5 billion from Chinese banks
Bharti Airtel, which operates in 20 countries across Asia and Africa, said China Development Bank had committed a $2 billion credit line, while Industrial and Commercial Bank of China has offered a $500 million credit line.
The company signed the term sheets for the financing options in the presence of Indian Prime Minister Narendra Modi, who is on an official visit to China.
The transaction needs approvals, including from India's central bank, the Reserve Bank of India, it said in a statement.
India's smartphone market is expected to grow at about 36 percent a year over the next five years. ■